GBP/USD faces a strong resistance at 1.2450 – UOB – by pabspiovano GBPUSD Currencies Majors Banks
In the opinion of UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia,24-hour view: “The sharp snap back that sent GBP soaring to a high of 1.2424 yesterday came as a surprise . While GBP could continue to rise and break above 1.2450, overbought conditions suggest it might not be able to hold above this level, and the next resistance at 1.2500 is unlikely to come under threat. On the downside, a break of 1.2365 would indicate that GBP is not strengthening further.
Next 1-3 weeks: “Yesterday , we held the view that GBP ‘is not strengthening further’ and we expected it to trade in a range of 1.2190/1.2380. We did not anticipate the sharp bounce that sent GBP soaring above 1.2380 . Upward momentum is building again but GBP has to break clearly above the major resistance at 1.2450 before a sustained rise is likely. The chances of a clear break of 1.2450 will remain intact as long as GBP stays above 1.2330 in the next few days.
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