GBP/USD: The next upside target is 1.2200 – UOB

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In the opinion of the economist Lee Sue Ann and the market strategist Quek Ser Leang of the UOB Group, it is expected that the GBP/USD continues to rise and could revisit the 1.2200 level In the next weeks.

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24 hour view: “While we expected GBP/USD to strengthen yesterday, we were of the view that it is ‘unlikely to break the main resistance at 1.1940’. However, GBP/USD broke above 1.1940 and spiked to a high of 1.2080. There is room for the The pair continues to strengthen but given the deep overbought conditions, the next major resistance at 1.2200 is unlikely to be in the offing (there is another resistance at 1.2140).On the downside, a break of 1.1975 (minor support is at 1.2025) would indicate that the strong recovery is ready to take a breather.”

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Next 1 to 3 weeks: “Our latest reading was from Tuesday (Nov 22, GBP/USD at 1.1825), where GBP/USD is likely to trade between 1.1680 and 1.1940 for the time being. Yesterday (Nov 23), GBP/USD took off and spiked above 1.1940 (high has been 1.2080).Rapid buildup of momentum suggests GBP/USD is likely to strengthen further in the coming days.Level to watch is 1.2200.Upside risk intact as long as GBP/USD does not move below 1.1930 (“strong support” level).

Source: Fx Street

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