GBP/USD now looks at 1.2440 – UOB – by pabspiovano GBPUSD Currencies Majors Banks
is seen once 1.2550 is cleared, suggest UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: “GBP gave up most of its strong gains from last Friday as it dropped and closed lower by 0.59% . Downward momentum is building and the bias for GBP today is tilted to the downside. However, it is unlikely to break the strong support at 1.2440 . On the upside, a breach of 1.2540 would indicate that the current mild downward pressure has eased.
Next 1-3 weeks: “In our most recent narrative from last Thursday , we highlighted that ‘in order for GBP to advance in a sustained manner, it has to break and stay above 1.2550’. GBP took out 1.2550 last Friday, rose to 1.2584 before falling back down yesterday to close at 1.2495. Upward momentum has improved, albeit not much. For GBP to strengthen further, it must not fall below the ‘strong support’ level, currently at 1.2440. Looking ahead, if GBP can surmount 1.
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.
Trading Support and Resistance \u2013 GBP/USD, USD/CHF H1This week I will begin with my monthly and weekly Forex forecast of the currency pairs worth watching.
Read more »
Weekly Forex Forecast \u2013 NASDAQ 100 Index, EUR/USD, GBP/USD,The difference between success and failure in Forex / CFD trading is highly likely to depend mostly upon which assets you choose to trade each week.
Read more »
Pairs in Focus This Week \u2013 GBP/USD, EUR/USD, Gold, USD/CADGet the Forex Forecast using fundamentals, sentiment, and technical position analyses for major pairs for the week of April 30th, 2022 here.
Read more »
GBP/USD bulls attack 11-month top below 1.2600 with eyes on Fed, US NFPGBP/USD grinds near the highest levels since June 2022, after rising in the last two consecutive weeks, as traders kick-start the key week comprising
Read more »
GBP/USD eyes 1.2600 despite consistent US consumer spending support Fed rate hikeThe GBP/USD pair is aiming to claim the round-level resistance of 1.2600 in the Asian session. The Cable has corrected marginally after failing to sus
Read more »
GBP/USD Price Analysis: Testing breakout of a rising channel pattern below 1.2550The GBP/USD pair is showing signs of exhaustion in the upside momentum after failing to extend the upside above 1.2583. The Cable has turned sideways
Read more »