GBP/USD could extend to 1.6300 – OCBC Bank

FXStreet (Edinburgh) - The upside mood around the sterling would carry the potential for a test of 1.6300, observed Emmanuel Ng, FX Strategist at OCBC Bank.

Key Quotes

“The BOE MPC meeting is on tap today with the GBP-USD also making the most of USD vulnerability late Wednesday”.

“The pair is expected to remain supported despite the soft September readings for BRC shop prices and house price reports by Halifax and RICS as investors remain preoccupied with near term USD vulnerability”.

“If this mood prolongs, expect the 1.6200 ceiling to be tested (before 1.6300) while interim support is expected towards 1.6100”.