According to Lee Sue Ann, Economist at UOB Group, and Quek Ser Leang, Market Strategist, GBP/USD could reach the 1.2340 area in the short term.
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24-hour outlook: GBP/USD rose 0.69% yesterday (New York close at 1.2249). Bullish momentum has increased, although not by much. Today, GBP/USD could test 1.2290 before the risk of a pullback increases. The mid-October high near 1.2340 is not expected to be reached. Support is at 1.2225, followed by 1.2200.
Next 1 to 3 weeks: After falling to a low of 1.2093 last week, GBP/USD rebounded and yesterday reached a high of 1.2258. Bullish momentum appears to be consolidating, and GBP/USD is likely to rise towards 1.2340 in the coming days. At the moment, the probability of GBP/USD breaking clearly above this level is not high. If GBP/USD breaks the “strong support” of 1.2165, it would mean it is unlikely to rise to 1.2340.
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.
