GBP/USD: Extra gains look likely above 1.2400 – UOB – by pabspiovano GBPUSD Currencies Majors Banks
could see its gains accelerated on a close above 1.2400.24-hour view: “Our view for GBP yesterday was that it ‘is likely to test the major resistance at 1.2340 but it is unlikely to maintain a foothold above this level’. Our view was not wrong even though GBP strengthened more than expected, rising to 1.2348 before settling on a firm note at 1.2341 . Despite the advance, there is no significant improvement in upward momentum. However, there is room for GBP to rise to 1.
Next 1-3 weeks: “Two days ago , we held the view that the recent GBP strength has ended and we expected GBP to trade in a range of 1.2140/1.2340. Yesterday, GBP rose slightly above the top of the expected range . Upward momentum appears to be building, albeit tentatively. In order for GBP to advance in a sustained manner, it has to break and stay above 1.2400. The likelihood of a clear break of 1.2400 is not high for now but it will remain intact as long as GBP stays above 1.
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