UOB analysts project a bullish outlook for GBP/USD, targeting 1.3480 as the Bank of England prepares to raise interest rates for the first time in over three years.
UOB analysts Quek Ser Leang and Lee Sue Ann have adopted a constructive outlook on GBP/USD, driven by the anticipation of the Bank of England's first interest rate hike in over three years. The pair is currently exhibiting rising momentum, with analysts projecting a move toward the 1.3480 level over the next 1 to 3 months, contingent upon the pair maintaining support above 1.3360.
UOB analysts see scope for the Pound to test the 1.3480 level over a 1 to 3-week and 1 to 3-month horizon.
The key support level identified by UOB is 1.3360.
United Overseas Bank analysts turn bullish on the British Pound, citing strengthening momentum ahead of the Bank of England's first rate hike in three years. While the pair faces short-term consolidation between 1.3380 and 1.3435, analysts project a move toward 1.3480 provided the 1.3360 support level remains intact.
The primary driver is the anticipation of the Bank of England raising interest rates for the first time in over three years.
UOB identifies immediate support at 1.3360 and a short-term consolidation range between 1.3380 and 1.3435, with an upside target of 1.3480.