A potential move towards the 1.2400 region in GBP/USD appears to have lost some traction.according to Economist Lee Sue Ann and Market Strategist Quek Ser Leang at UOB Group.
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24 hour view: “GBP/USD hit a fresh 3-week high at 1.2341 yesterday before pulling back to close at 1.2285 (+0.13%). Bullish pressure has eased and GBP/USD is unlikely to strengthen further. Today, it is more likely GBP/USD to trade within a range, which is expected to be between 1.2230 and 1.2330”.
Next 1-3 weeks: “We expect GBP/USD to rally from the start of the week. In our most recent update two days ago (March 22, GBP/USD at 1.2220), we stated that “the possibility of a rally to 1.2400 has decreased “. Yesterday GBP/USD rallied as high as 1.2341 and then pulled back to close at 1.2285 (+0.13%). While GBP/USD strength remains intact, short-term bullish momentum is starting to wane, and this, combined with “Oversbought conditions suggest 1.2400 may be out of reach this time. However, only a break of 1.2190 (previously ‘strong support’ level at 1.2140) would indicate GBP/USD will not strengthen further.”
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.
