A convincing move above the 1.2330 level in GBP/USD looks unlikely at the moment.as suggested by Economist Lee Sue Ann and Market Strategist Quek Ser Leang at UOB Group.
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24 hour view: “We expected GBP/USD to rally yesterday but held the ‘unlikely to break 1.2270’ view. However, GBP/USD rallied as high as 1.2288 before pulling back sharply to close at 1.2196 (-0.31%). Momentum The bullish has barely improved and GBP/USD is unlikely to advance further. Today, the pair is more likely to trade in a range between 1.2160 and 1.2260.”
Next 1-3 weeks: “We have maintained a positive view of GBP/USD for more than a week. In our most recent call from last Friday (Jan 13, GBP/USD at 1.2215), we indicated that GBP/USD “should break 1.2270 in these 1- 2 days or the prospect of further GBP/USD strength would fade quickly.” Although GBP/USD broke above 1.2270 yesterday, it fell quickly from a 1.2288 high. Bullish momentum has barely improved and while there is room for further GBP/USD continues to advance, the probability of a sustained rally above 1.2330 is not high at this time.”
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.
