- Analytics
- News and Tools
- Market News
- GBP/USD now targets the 1.3220 region – UOB
GBP/USD now targets the 1.3220 region – UOB
FX Strategists at UOB Group suggested the upside momentum in GBP/USD could extend to the 1.3220 area in the next weeks.
Key Quotes
24-hour view: “Our expectations for GBP consolidate yesterday were incorrect as it soared to 1.3156 before closing on a firm note at 1.3146 (+0.77%). The rapidly improving momentum is likely to lead to further GBP strength. In view of the overbought conditions, any advance in GBP is unlikely to challenge the major resistance at 1.3220 (minor resistance is at 1.3180). Support is at 1.3125 followed by 1.3090.”
Next 1-3 weeks: “The weak phase in GBP that started about 3 weeks ago has ended as GBP rose above our ‘strong resistance’ level of 1.3140. The strong rebound has room to extend to 1.3220. A break of 1.3220 is not ruled out but at this stage, the odds for a sustained rise above this level are not high. Overall, GBP is expected to trade on a firm footing as long as it does not move below 1.3040 within these few days.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
