GBP/USD: Upside bias alleviated below 1.2450 – UOB – by pabspiovano GBPUSD Currencies Majors Banks
24-hour view: Yesterday, we held the view that “there is room for GBP to edge higher”. GBP then eked out a fresh high of 1.2600 and then plummeted to end the day at 1.2512 . The rapid decline appears to be overdone and GBP is unlikely to weaken much further. Today, GBP is more likely to trade in a range of 1.2475/1.2575.
Next 1-3 weeks: After GBP soared at the end of last week, we highlighted on Friday that while GBP “is likely to rise further, it remains to be seen if it has enough momentum to revisit last month’s high near 1.2680”. Yesterday, GBP rose to 1.2600 and then dropped sharply to close lower by 0.54% . Upward momentum is beginning to fade and a break below 1.2450 would indicate that 1.2680 is not coming into view.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GBP/USD: Further gains in the pipeline - UOBIn the view of UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia, GBP/USD could advance further in the near term. Key
Read more »
GBP/USD: Break below 1.2300 can lead to a deeper decline – SocGenEconomists at Société Générale analyze GBP/USD technical outlook. 1.2300 support is crucial to avert deeper pullback GBP/USD up move faltered near the
Read more »
Pairs in Focus This Week \u2013 EUR/USD, GBP/USD, Gold, OilGet the Forex Forecast using fundamentals, sentiment, and technical position analyses for major pairs for the week of June 11th, 2022 here.
Read more »
Weekly Forex Forecast \u2013 NASDAQ 100 Index, USD/JPY, GBP/USDThe difference between success and failure in Forex / CFD trading is highly likely to depend mostly upon which assets you choose to trade each week and in which
Read more »
GBP/USD: Weekly Forecast 11th June - 17th JuneOne month ago on the 10th of May the GBP/USD was trading near the 1.26780 vicinity.
Read more »
GBP/USD gathers strength for a break towards 1.2600, US CPI and UK Employment eyedThe GBP/USD pair has turned sideways around 1.2580 after an upside move in the early London session. The Cable is making efforts for resuming its upsi
Read more »