GBP/USD: Break above 1.2450 to test May high near 1.2665 — BBH

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The GBP/USD It rose towards 1.2450 but erased its daily gains. The BBH economists They note that the pair could test the May high near 1.2665 if it breaches the December high near 1.2445.

The United Kingdom continues to suffer tensions in the energy markets due to the cold

“Sterling is trading lower near 1.2350 after hitting a fresh cycle high near 1.2450 today and just above the December high near 1.2445. A break above this level would test the top May near 1.2665”.

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“National Grid has asked some UK households to reduce energy consumption today and is likely to extend that request tomorrow due to the drop in wind power coupled with freezing temperatures across the country. It should be noted that this measure emergency to reduce electricity demand was previously in test mode, but has now been activated.”

Source: Fx Street

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