GBP/USD: Further gains in the pipeline above 1.2220 – UOB – by pabspiovano GBPUSD Currencies Majors Banks
In the opinion of Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, sustainable gains in24-hour view: “We highlighted last Friday that ‘Mild upward pressure could lead to GBP edging higher but a sustained advance above 1.2150 is unlikely’. The anticipated advance exceeded our expectations as GBP soared to 1.2201 before closing on a firm note at 1.2181 . While GBP could advance further, a sustained rise above 1.2220 appears unlikely. Support is at 1.2155, followed by 1.
Next 1-3 weeks: “Our latest narrative was from last Thursday where GBP is likely to trade in a broad consolidation range, expected to be between 1.1950 and 1.2190. GBP edged slightly above 1.2190 on Friday and upward momentum is beginning to build. However, GBP has to break and stay above 1.2220 before a sustained rise is likely . The risk of GBP breaking clearly above 1.2220 will remain intact as long as it stays above 1.2095 in the next few days.
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