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May 12 - 10:55 AM

GBP/USD: Next Resistance Above 1.4240 Is At 2018 High Of 1.4377 - UOB

By eFXdata  —  May 12 - 09:31 AM

UOB Research discusses GBP/USD technical outlook and sees a scope for a move towards 1.4240 ahead of 1.4377.

"The prospect for GBP/USD to move clearly above 1.4240 is not high for now but it would increase as long as GBP/USD does not breach the rising trend-line (currently at 1.3760)," UOB notes.

"Looking ahead, the next resistance above 1.4240 is at the 2018 high of 1.4377. From the perspective of longer than 3 months, the outlook for GBP/USD is deemed to be positive as long as the 55-week exponential moving average is not breached," UOB adds. 

Source:
UOB Research/Market Commentary

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