GBP/USD needs to break above the 1.2300 level to allow for sustained gains on the short-term horizon, UOB Group currency strategists Lee Sue Ann and Quek Ser Leang suggest.
Featured Comments
24 hour view: “Yesterday we highlighted that “GBP/USD was unlikely to advance further” and we expected GBP/USD to “trade between 1.2160 and 1.2260″. Subsequently, GBP/USD traded within a narrower range than expected (1.2185/ 1.2250) before closing largely unchanged at 1.2215 (-0.02%).The current move appears to be part of a consolidation phase and GBP/USD is likely to trade sideways today.That being said, the underlying tone slightly softer suggests a lower range of 1.2160/1.2240”.
Next 1-3 weeks: “Yesterday (Aug 11, GBP/USD at 1.2215), we highlighted that although the risk to GBP/USD has shifted to the upside, it has to break major resistance at 1.2300 before further sustained advance is likely. Our opinion has not changed. Upside risk is intact as long as GBP/USD does not move below 1.2125 (no change in “strong support” level).”
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
.jpg "Would Imma Tatarani be the same success without Vanessa Scalera?")
