In the opinion of economist Lee Sue Ann and UOB Group Market Strategist Quek Ser Leang, sustainable gains in GBP/USD look likely once the pair breaks above the 1.2220 level.
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24 hour view: “Last Friday we highlighted that ‘mild upward pressure could lead GBP/USD higher, but a sustained advance above 1.2150 is unlikely.’ The anticipated advance exceeded our expectations as GBP/USD rose as high as 1.2201 earlier to close with a firm tone at 1.2181 (+0.58%). Although GBP/USD could continue to advance, a sustained rally above 1.2220 seems unlikely. Support is at 1.2155, followed by 1.2125”.
Next 1-3 weeks: “Our latest analysis goes back to last Thursday (March 16, GBP/USD at 1.2075), where “GBP/USD is likely to trade in a wide consolidation range, which is expected to be between 1.1950 and 1.2190.” GBP/USD slightly topped 1.2190 on Friday (1.2201 high) and bullish momentum is starting to set in. However, GBP/USD has to break and hold above 1.2220 before a sustained rally is likely (next resistance is at 1.2270). The risk of GBP/USD clearly breaking above 1.2220 will remain intact as long as it holds above 1.2095 in the coming days.”
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.
