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28 Aug 2024

GBP/USD: May test the 1.3320 resistance – UOB Group

The Pound Sterling (GBP) could strengthen further, but it does not appear to possess enough momentum to reach the major resistance at 1.3320, UOB Group FX strategists Quek Ser Leang and note.

Bulls are set to breach 1.3320

24-HOUR VIEW: “We did not anticipate GBP to soar to a fresh 2-1/2 year high of 1.3269 yesterday (we were expecting range trading). The rapid buildup momentum suggests further GBP strength today. However, GBP does not appear to possess enough momentum to reach the major resistance at 1.3320 (there is another resistance at 1.3295). To keep the momentum going, GBP must not break below 1.3215 with minor support at 1.3235.”

1-3 WEEKS VIEW: “The level to monitor is 1.3320. After GBP soared last Friday, we indicated on Monday (26 Aug, spot at 1.3215) that ‘the sharp and rapid rise is coupled with strong momentum.’ We expected GBP to continue to rise and indicated that ‘the next level to monitor is 1.3320.’ There is no change in our view. Overall, only a breach of 1.3145 (‘strong support’ level previously at 1.3105) would mean that the GBP strength has run its course.”

Aug 28, 2024

EUR/USD rally stalls near 1.1200 amid increasing chances of Fed, ECB September rate cuts

EUR/USD corrects to near 1.1150 in Wednesday’s European session.
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Aug 28, 2024

EUR: ECB decoupling to be tested – ING

The EUR/USD drop this morning appears largely USD-driven, although admittedly the euro does look on less stable ground when considering the room for European Central Bank dovish repricing compared to the Fed’s, ING’s FX strategist Francesco Pesole notes.
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