- Analytics
- News and Tools
- Market News
- GBP/USD: Still scope for a move to 1.3160 – UOB
GBP/USD: Still scope for a move to 1.3160 – UOB
FXStreet reports that the outlook on Cable looks mixed but it could still attempt to test the 1.3160 region in the short-term, suggested FX Strategists at UOB Group.
24-hour view: "We highlighted yesterday that there "is room for GBP to test the 1.2980 support first before a rebound can be expected". Our view was not wrong as GBP dipped to 1.2971 before rebounding to touch 1.3049 during London hours (before easing off quickly). The rapid but short-lived swings have resulted in a mixed outlook. From here, GBP could trade in a choppy manner and within a relatively broad range of 1.2970/1.3060."
Next 1-3 weeks: "After popping to a high of 1.3069 last Thursday (13 Feb), GBP has not been able to make much headway on the upside. The price action was not exactly surprising as we highlighted last Friday (14 Feb, spot at 1.3045) that 'despite the strong advance, we do not view the current GBP strength as part of an uptrend'. For now, we continue to hold the view that the 'short-term strength could extend to 1.3160' but after the price action over the past couple of days, the prospect for further GBP strength has diminished. On the downside, a breach of 1.2950 would indicate that the current mild upward pressure has eased."
© 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.
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.
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
