GBP/USD major resistance at 1.3320 – UOB

The research team at UOB Group has noted the relevance of the key resistance at 1.3320 in the near term.

Key Quotes

“The high of 1.3302 seen last Friday did not threaten the key 1.3320 resistance. Despite the quick pull-back from the top, the undertone is still positive but 1.3320 is unlikely to come under serious threat”.

“The neutral phase in GBP that started more than 2 weeks ago is still intact. As highlighted in recent updates, while shorterterm upward momentum has improved, a sustained up-move in GBP is likely only if there is a clear break above the strong 1.3320 resistance. At this stage, the odds for a break of this level are not high even though they have increased considerably. Overall, the positive undertone would continue to improve as long as GBP stays above 1.3100”.