GBP/USD now looks at 1.2400 – UOB – by pabspiovano GBPUSD Currencies Majors Banks
24-hour view: “Last Friday, we highlighted that ‘there is room for another leg higher in GBP to 1.2350 before the risk of a pullback increases’. However, GBP plunged to 1.2137 in NY trade. The decline was however, short-lived as GBP rebounded strongly from the low and closed slightly higher at 1.2293 . We still see room for GBP to edge higher but a break of 1.2350 appears unlikely today. Support is at 1.2245, followed by 1.2200.
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