Advance in GBP is approaching overbought but still scope for further strength.
Forex Signals: We have held a similar view since last Tuesday (11 Sep, spot at 1.3025) wherein we expect the bounce back in GBP to reach out to 1.3170. GBP, at last, achieved this level as it contacted a medium-term high of 1.3173. As featured before yesterday (18 Sep, spot at 1.3150), while the development in GBP is moving toward overbought, there is no indication of shortcoming right now and there is the degree for encouraging quality towards the following real level of 1.3215.
This is a generally solid resistance and a break of this level would be a decent sign that GBP could keep on advancing in the coming days. On the drawback, the ‘key support’ is right now at 1.3045, higher from 1.3000 previously.