The Pound Sterling (GBP) is predicted to trade within a range of 1.2780 to 1.2855, but experts believe it will likely bounce back even higher to 1.2950. UOB Group’s FX analysts, Quek Ser Leang and Lee Sue Ann, are optimistic about the currency’s potential for growth.
Bulls to test the 1.2855 resistance
24-HOUR VIEW: “Despite not reaching our initial target of breaking above 1.2900, GBP saw a slight decrease and closed at 1.2827. The sideways trading pattern is expected to continue today, with GBP likely to fluctuate between 1.2780 and 1.2855.”
1-3 WEEKS VIEW: “Our outlook remains positive, with GBP anticipated to climb higher towards 1.2950. However, there is a key resistance level at 1.2900 to watch out for. A break below 1.2780 would suggest a return to range-bound trading for GBP.”
Analysis and Breakdown
For those looking to invest or trade in GBP, the current outlook suggests a potential rebound to 1.2950. However, caution is advised as there is a resistance level at 1.2900 that could impact the currency’s movement. Keeping an eye on the support level at 1.2780 will also be crucial in determining GBP’s future direction. Stay informed and monitor market updates to make informed decisions about your finances.