- Analytics
- News and Tools
- Market News
- GBP/USD could extend the upside to 1.2665 – UOB
GBP/USD could extend the upside to 1.2665 – UOB
The continuation of the uptrend could lift GBP/USD to the 1.2665 level in the near term, suggest Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.
Key Quotes
24-hour view: “GBP traded in a relatively narrow range between 1.2550 and 1.2599 yesterday before closing little changed at 1.2575 (+0.08%). Despite the quiet price movements, the underlying tone appears to be firm and GBP could break above 1.2600. However, the major resistance at 1.2665 is unlikely to come into view. Support is at 1.2545; a break of 1.2515 would indicate that the current upward pressure has eased.”
Next 1-3 weeks: “Two days ago (03 May, spot at 1.2475), we held the view that GBP ‘is likely to trade in a 1.2395/1.2565 range for the time being’. However, GBP broke above 1.2565 and yesterday, it eked out a fresh 11-month high of 1.2599. Despite the advance, there is no clear improvement in upward momentum. That said, as long as 1.2470 is not breached, GBP is likely to ratchet higher towards the major resistance at 1.2665. At this stage, the odds for a sustained rise above this level are not high.”
© 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
