GBP/USD: 1.3030 is now on the radar – UOB

FX Strategists at UOB Group noted the upside momentum around Cable carries the potential for a resr of 1.3030 in the next weeks.

Key Quotes

“Instead of trading sideways as expected, GBP surged to hit an overnight high of 1.2991. Despite the pull-back from the top, the undertone is still positive and from here, a move above the major 1.3000 resistance would not be surprising (next resistance at 1.3030)”.

“GBP closed on positive note yesterday but it is not enough to shift the current neutral phase to bullish. That said, the undertone has improved considerably and from here, the immediate pressure is on the upside even though 1.3030 is expected to offer solid resistance. Overall, this pair is expected to stay underpinned in the coming days as long as it can hold above 1.2905”.