Substantial GBP/USD gains likely above 1.2440 according to UOB Group Economist Lee Sue Ann and Market Strategist Quek Ser Leang.
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24 hour view: “We highlighted yesterday that “further GBP/USD strength seems likely, although it remains to be seen if the pair can clearly break above 1.2240”. However, GBP/USD did not strengthen further as it traded relatively quietly. between 1.2139 and 1.2203. The price moves are likely to be part of a consolidation phase and GBP/USD is likely to trade in a 1.2100/1.2200 range today.”
Next 1-3 weeks: “Yesterday (March 14, GBP/USD at 1.2185), we highlighted that bullish momentum is starting to consolidate, but GBP/USD has to clearly break above 1.2440 before a sustained advance is likely. Our view has not changed. GBP/USD to hold above 1.2040 (no change at “strong support” level”).”
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.
