In the opinion of economist Lee Sue Ann and UOB Group Market Strategist Quek Ser Leang, it is expected that a break of the 1.2450 level mitigates the bullish pressure on GBP/USD.
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24 hour view: Yesterday we held the view that “there is room for GBP/USD to rise”. GBP/USD made a fresh high at 1.2600 and then plunged to end the day at 1.2512 (-0.54%). The rapid decline appears to have been overdone and GBP/USD is unlikely to weaken further. Today, GBP/USD is more likely to trade in a 1.2475/1.2575 range.
Next 1-3 weeks: After GBP/USD soared late last week, we highlighted on Friday (June 9, GBP/USD at 1.2555) that while GBP/USD is likely to continue higher, it remains to be seen if it has enough momentum. to re-reach last month’s high near 1.2680. GBP/USD rose as high as 1.2600 yesterday and then fell sharply to close 0.54% lower (1.2512). Bullish momentum is starting to fade and a break below 1.2450 (no change at the “strong support” level) would indicate that 1.2680 is nowhere in the offing.
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.
