Sharp and rapid rise is coupled with strong momentum; Pound Sterling (GBP) is expected to continue to rise, UOB Group FX strategists Quek Ser Leang and Lee Sue Ann note.

A breach of 1.3105 to stop GBP march upwards

24-HOUR VIEW: “We highlighted yesterday that ‘as long as 1.3160 is not breached, there is room for GBP to test 1.3250, after which the advance may pause.’ While GBP did not breach 1.3160, it did not test 1.3250 either, trading in a range of 1.3181/1.3222. The strong advance from late last week is likely taking a pause. Today, we expect GBP to trade in a range, probably between 1.3160 and 1.3220.”