The additional earnings could encourage the GBP/USD to revisit the 1.2330 area in the coming weeks, say economist Lee Sue Ann and market strategist Quek Ser Leang of UOB Group.
24 hour perspective: “Yesterday we held the view that there was room for further bullish momentum in the pound before the risk of a reversal increased. However, GBP/USD traded sideways between 1.2111 and 1.2189. Prices appear to be consolidating and it is likely that the pound continues trading sideways. expected range for today is 1.2100/1.2200“.
Next 1-3 weeks: “Our update from yesterday (Jan 10, pair at 1.2180) is still valid. As we highlighted, after the strong advance of the pound earlier this week, the odds of it breaking the 1.2270 resistance have increased. The pair’s strength is intact as long as it doesn’t break the strong support at 1.2030 (no change from yesterday’s level).”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
