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GBP/USD: The next technical target is at 1.3500 – UOB Group

Momentum indicators still point to Pound Sterling (GBP) upside; the next technical target is at 1.3500, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Momentum indicators still point to GBP upside

24-HOUR VIEW: "We highlighted yesterday that 'the combination of slowing momentum and overbought conditions suggests consolidation today, likely in a 1.3380/1.3470 range.' Our call of consolidation was not wrong, even though GBP traded in a narrower range between 1.3392 and 1.3440, closing marginally lower at 1.3418 (-0.01%). The price action provides no fresh clues, and we continue to expect consolidation today, most likely within a range of 1.3375/1.3450."

1-3 WEEKS VIEW: "There is not much to add to our update from yesterday (22 May, spot at 1.3420). As indicated, 'momentum indicators continue to point to GBP upside, and the next technical target is at 1.3500.' Overall, only a breach of 1.3340 (no change in ‘strong support’ level) would mean that the advance that started early this week has come to an end."

OPEC+ output policy – ING

The oil market is under renewed pressure as noise builds around what OPEC+ will do with their July output levels, ING's commodity experts Ewa Manthey and Warren Patterson note.
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US natural gas falls on larger-than-expected storage build – ING

US natural gas prices declined sharply as storage data surprised to the upside, reinforcing concerns about near-term oversupply and weighing on NYMEX Henry Hub futures, ING's commodity experts Ewa Manthey and Warren Patterson note.
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