Pound Sterling (GBP) could continue to rise; the major resistance at 1.3595 is likely out of reach. In the longer run, the current price movements are likely part of a broad range between 1.3430 and 1.3595, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Current price movements are likely part of a broad range

24-HOUR VIEW: "GBP rose to a high of 1.3554 last Friday and then pulled back. Yesterday, when it was at 1.3480, we highlighted the following: 'The sharp pullback has slowed some of the build-up in upward momentum, and GBP is unlikely to rise further. Today, we expect GBP to trade in a range, most likely between 1.3460 and 1.3530.' Our assessment was incorrect, as GBP retested the 1.3555 level (high of 1.3556). Upward momentum appears strong, and GBP could continue to rise. However, the major resistance at 1.3595 is likely out of reach. Note that there is another resistance level at 1.3570. On the downside, support levels are at 1.3530 and 1.3505."

1-3 WEEKS VIEW: "We continue to hold the same view as yesterday (08 Sep, spot at 1.3480). As highlighted, the current price movements as part of a broad range, likely between 1.3430 and 1.3595."