#GBPUSD @ 1.23184 : Door seems open to further upside – UOB
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
The likeliness for extra gains in GBP/USD remains in place with the next target of note at the 1.2400 region, suggest UOB Group’s Economist Lee Sue Ann and Market Strategist Quek Ser Leang.
24-hour view: “We highlighted yesterday that ‘Despite the advance, there is no significant improvement in upward momentum’. We added, ‘However, there is room for GBP to rise to 1.2370 before the risk of a pullback increases’. GBP rose to a high of 1.2362 in London trade before pulling back to end the day at 1.2314 (-0.22%). The underlying tone has softened somewhat but while GBP is likely to edge lower, any decline is viewed as part of a 1.2270/1.2340 range. In other words, a clear break below 1.2270 is unlikely.”
Next 1-3 weeks: “Our update from yesterday (29 Mar, spot at 1.2330) is still valid. As highlighted, 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 1.2240 in the next 1-2 days. Looking ahead, the next resistance level above 1.2400 is a solid level at 1.2450.”
[/s2If]
Join Our Telegram Group
