In the opinion of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, GBP/USD is seen gathering further upside traction once it c
lears 1.2270. Key Quotes 24-hour view:We highlighted yesterday that the “outlook for GBP is unclear,” and we expected it to trade in a relatively broad range of 1.2130/1.2270. However, GBP traded in a narrower range than expected . Upward momentum is building, albeit tentatively. Today, there is a chance for GBP to break above 1.2270 and head to 1.2305. The major resistance at 1.2350 is unlikely to come into view. Support is at 1.2220, followed by 1.2195.
Next 1-3 weeks:In our latest narrative from last Thursday , we highlighted that the recent downward momentum buildup has faded and the current price movement is likely part of a range-trading phase. We expected GBP to trade between 1.2030 and 1.2270. While GBP is still trading within the range, improving upward momentum suggests that GBP is likely to break above 1.2270. A breach of this level could trigger a stronger recovery to 1.2350. The likelihood of GBP breaking above 1.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GBP/USD sticks to the range bound theme – UOBIn the view of Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group, GBP/USD is still seen navigating the 1.2030-1.2270
Read more »
GBP/USD retreats and snap three days of gains amid escalating Middle East conflictGBP/USD snaps three days of consecutive gains slumps on risk aversion spurred by the clash between Israel and Hamas after the latter struck an attack
Read more »
GBP/USD manages to hold above 1.2200, bulls remain on the sidelines amid geopolitical tensionsThe GBP/USD pair attracts some dip-buying following a modest bearish gap opening to sub-1.2200 levels on the first day of a new week and moves back cl
Read more »
GBP/USD Price Forecast: Souring Risk Sentiment Shackles PoundThe pound trades on the backfoot as safe haven demand sees the USD bid as tensions in the Middle East rise. UK GDP and US CPI inf focus later this week.
Read more »
Pound Sterling Price News and Forecast: GBP/USD sticks to the range bound themeGBP/USD closed the previous week virtually unchanged following a steady rebound in the second half of the week. The intense flight to safety at the be
Read more »
GBP/USD holds steady around mid-1.2200s on subdued USD demand, lacks bullish convictionThe GBP/USD pair builds on the previous day's goodish rebound of over 80 pips from the 1.2165-1.2160 area and extends its steady ascent through the As
Read more »