The probability of further gains in GBP/USD remains, with the next target to be highlighted in the 1.2400 region.as suggested by UOB Group economist Lee Sue Ann and market strategist Quek Ser Leang.
Featured Comments
24 hour view: “We highlighted yesterday that “despite the advance, there is no significant improvement in bullish momentum.” We added: “However, there is room for GBP/USD to rally to 1.2370 before the risk of a reversal increases.” GBP/USD reached a high of 1.2362 during the London session before pulling back to end the day at 1.2314 (-0.22%).The underlying tone has softened a bit, but while GBP/USD is likely to turn down, any decline it is considered part of a 1.2270/1.2340 range. In other words, a clear break below 1.2270 is unlikely.”
Next 1-3 weeks: “Our update from yesterday (March 29, GBP/USD at 1.2330) remains valid. As highlighted, bullish momentum seems to be building, albeit tentatively. For GBP/USD to advance on a sustained basis, it has to break above Probability of a clear break of 1.2400 is not high for now, but will remain intact as long as GBP/USD holds above 1.2240 in the coming days.Looking ahead, next resistance level above 1.2400 is a solid level at 1.2450”.
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.
.jpg "Noma Copenhagen: now you can taste their crazy condiments at home")
