Market news
17.02.2020, 07:00

GBP/USD could attempt a move to 1.3160 – UOB

FXStreet reports that cable's outlook is slightly positive, and the upside bias could extend to the 1.3160 region in the next weeks, suggested FX Strategists at UOB Group.

24-hour view: "Expectation for GBP to 'edge nearer to 1.3100 before easing' did not materialize as it traded in a relatively quiet manner between 1.3001 and 1.3063 before settling little change at 1.3046 (+0.04%). The underlying tone is on the firm side and this would likely translate into a higher trading range of 1.3015/1.3080 (a sustained advance above 1.3085 is not expected)."

Next 1-3 weeks: "While we noted yesterday (13 Feb, spot at 1.2955) that 'downward pressure has more or less dissipated', we expected GBP to 'trade sideways within a 1.2850/1.3060 range'. However, GBP staged a sudden rally and moved above the top of the range as it touched 1.3069. Despite the strong advance, we do not view the current GBP strength as part of an uptrend. That said, the short-term strength could extend further to 1.3160 in the coming days. In other words, the outlook for GBP is deemed as mildly positive for now. Support is at 1.2990 but only a break of 1.2950 would indicate the upside risk has dissipated."

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location