GBP/USD bullishness intact, eyes 1.3370 – UOB

GBP/USD keeps its bullish stance and could test the 1.3370 area in the next 1-3 weeks, suggested analysts at UOB Group.

Key Quotes

“GBP surged to a high of 1.3352 last Friday before reversing quickly. The sharp pull back from the high suggests that a temporary top is likely in place. That said, after the strong rally last week, a sustained pull-back is unlikely and GBP is more likely to trade sideways at these higher levels”.

“We turned bullish GBP last Friday and there is no change to the view. However, the August’s peak of 1.3370/75 is a major resistance and this level may not be easy to crack (high of 1.3352 during NY hours last Friday). A clear break above this level would shift the focus to the mid-July high of 1.3480”.