Extra upside in GBP/USD could revisit the 1.1910 and even 1.2000 in the short-term horizon, suggested Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

24-hour view: “The deeply overbought rally in GBP from Friday appears to be overdone and GBP is unlikely to advance much further. For today, GBP is more likely to trade between 1.1725 and 1.1860.”

Next 1-3 weeks: “Despite surging by an outsized 4.08% last week, solid upward momentum suggests there is room for the rally in GBP to extend to 1.1910, possibly 1.2000. The upside risk is intact as long as GBP does not break below the ‘strong support’ level of 1.1660.”