GBP/USD now looks at 1.2400 – UOB – by pabspiovano GBPUSD Currencies Majors Banks
to the 1.2400 region in the next few weeks, note UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: “While we expected GBP to strengthen yesterday, we held the view that ‘a sustained rise above 1.2220 appears unlikely’. We did not anticipate the strong advance as GBP soared to 1.2286 before closing a firm note at 1.2277 . Strong upward momentum suggests further GBP strength towards 1.2330. The major resistance at 1.2400 is likely out of reach today.
Next 1-3 weeks: “We noted yesterday that ‘upward momentum is beginning to build’. We held the view that GBP ‘has to break and stay above 1.2220 before a sustained rise is likely ’. We did not anticipate the rapid improvement in momentum, as GBP easily took out both 1.2220 and 1.2270 and surged to 1.2286. The price actions suggest GBP is likely to strengthen further to 1.2400. The strong support at 1.2180 is likely to hold, at least for the next couple of days.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GBP/USD: Further gains in the pipeline above 1.2220 – UOBIn the opinion of Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, sustainable gains in GBP/USD look likely once the pair cle
Read more »
GBP/USD looks to have a good chance of holding and extending gains – ScotiabankGBP/USD has regained the 1.22 zone. Economists at Scotiabank expect Cable to enjoy further gains and test the 1.2290/00 area. GBP retains a firm under
Read more »
AUD/USD: Further upside now targets 0.6780 – UOBExtra gains could motivate AUD/USD to revisit the 0.6780 zone in the near term, note Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UO
Read more »
USD/CNH: Bets for further decline look diminished – UOBAbove 6.9300 could indicate that USD/CNH is unlikely to weaken further, according to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UO
Read more »
USD/MYR risks further pullbacks – UOBMarkets Strategist Quek Ser Leang at UOB Group noted USD/MYR could brewak below the 4.4500 level in the near term. Key Quotes “We highlighted last Mon
Read more »
USD/IDR faces further consolidation near term – UOBUSD/IDR us now expected to navigate within the 15,285-15,450 range in the short term, according to Markets Strategist Quek Ser Leang at UOB Group. Key
Read more »