GBP Could Edge Higher Towards 1.2900 Level, Says UOB Group Analysts
The Pound Sterling (GBP) shows signs of gaining momentum and could potentially reach the 1.2900 level in the near term, according to analysts at UOB Group Quek Ser Leang and Lee Sue Ann. However, the likelihood of GBP hitting 1.2950 is not very high.
24-Hour View:
Yesterday, GBP traded within a higher range than expected, closing at 1.2854 (+0.21%). With an increase in upward momentum, GBP could edge higher today towards 1.2900. Key support levels are at 1.2840 and 1.2820.
1-3 Weeks View:
Despite expectations for GBP to rebound further towards 1.2950, the currency has struggled to make significant progress. The analysts maintain their view that GBP could still rebound, but the likelihood of reaching 1.2950 remains low unless the strong support level at 1.2780 is breached.
Analysis:
For investors and traders, the analysis suggests that while GBP may see some upward movement towards 1.2900, reaching 1.2950 is less probable. It’s important to monitor key support levels and market momentum to make informed decisions about GBP trades. Overall, the outlook for GBP remains cautiously optimistic, but with some uncertainty in reaching higher levels in the short to medium term.