In the opinion of UOB Group’s Markets Strategist Quek Ser Leang and Economist Lee Sue Ann, further upside in GBP/USD is expected to meet a solid resistance around  1.1440.

Key Quotes

24-hour view: “GBP opened on a firm note yesterday before easing off to close at 1.1283 (-0.23%). Momentum indicators are turning neutral and GBP has likely moved into a consolidation phase and is likely to trade sideways. Expected range for today, 1.1225/1.1390.”

Next 1-3 weeks: “While GBP eased off from a high of 1.1402 yesterday, the price actions appear to be supportive of GBP, albeit mildly. It is premature to expect a sustained advance. From here, GBP could edge higher but any advance is expected to face solid resistance at 1.1440. Support is at 1.1225 but only a break of 1.1150 would indicate that the current upward pressure has subsided.”