A further rally could motivate GBP/USD to challenge the key 1.2500 barrier in the short term, as suggested by Lee Sue Ann, Economist at UOB Group, and Quek Ser Leang, Market Strategist.
Featured Comments
24 hour view: “Although GBP/USD closed 0.49% higher (NY close at 1.2401), the bullish momentum has not improved much. The bias remains bullish, but a sustained advance above 1.2445 is unlikely. On the downside, A break of 1.2355 (minor support is at 1.2375) would indicate that the current slight bullish pressure has eased.”
Next 1-3 weeks: “Our most recent analysis is from Jan 18 (GBP/USD at 1.2280), where we indicated that although the bullish momentum has not improved much, GBP/USD is likely to go as high as 1.2390. Although GBP/USD subsequently rallied, Bullish momentum is still not strong However, as long as 1.2300 (‘strong support’ level) is not broken, GBP/USD is likely to rally towards 1.2450 That being said, it remains to be seen if GBP/USD can break 1.2500. Overall, only a break of 1.2300 would indicate that the current slight bullish pressure has subsided.”
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.
