- Analytics
- News and Tools
- Market News
- GBP/USD could retest the 1.2450 area – UOB
GBP/USD could retest the 1.2450 area – UOB
In the opinion of Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, GBP/USD could still advance to the 1.2450 zone in the next few weeks.
Key Quotes
24-hour view: “We highlighted yesterday that ‘the bias for GBP is still on the upside but a sustained advance above 1.2445 is unlikely’. However, after rising briefly to 1.2431, GBP pulled back to 1.2345 before rebounding quickly to close little changed at 1.2412 (+0.09%). While upward momentum has waned, there is room for GBP to test 1.2450 first before the risk of a more sustained pullback increases. The major resistance at 1.2500 is not expected to come into view. Support is at 1.2385, followed by 1.2350.”
Next 1-3 weeks: “There is no change in our view from yesterday (26 Jan, spot at 1.2400) that GBP is likely to edge above 1.2450 but as upward momentum is not strong, it remains to be seen if GBP can break 1.2500. Overall, only a breach of 1.2300 (no change in ‘strong support’ level) would indicate that the current mild upward pressure has eased.”
© 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
