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GBP/USD: A sustained break above 1.2530 is unlikely - UOB Group
World FX news
Breaking news
GBP/USD: A sustained break above 1.2530 is unlikely - UOB Group
New
2025.02.05 17:49
2025.02.05 17:49
2025.02.05 17:49
The Pound Sterling (GBP) could rise further; overbought conditions suggest a sustained break above 1.2530 is unlikely. In the longer run, for the time being, GBP is expected to trade in a range of 1.2245/1.2530, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
GBP is expected to trade in a range of 1.2245/1.2530
24-HOUR VIEW: "While we indicated yesterday that "the rapid rise in GBP has scope to extend," we highlighted that "any advance is unlikely to break clearly above 1.2475." We added, "the major resistance at 1.2530 is not expected to come under threat." Our view of GBP advancing was not wrong, even though it rose more than expected to 1.2492. Today, GBP could rise further, but given the overbought conditions, a sustained break above 1.2530 appears unlikely. Support levels are at 1.2450 and 1.2420."
1-3 WEEKS VIEW: "We highlighted yesterday (04 Feb, spot at 1.2430) that "for the time being, we expect GBP to trade in a range of 1.2245/1.2530." GBP subsequently rose to 1.2492, and while momentum is beginning to build, it is not sufficient to suggest a sustained advance. In other words, our view remains unchanged for now."
Last updated
: 2025.02.05
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AUD/USD soars to near 0.6300 as market sentiment turns cheerful
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2025.02.05 19:31USD/JPY: High achieved last week at 156.25 could cap upside - BBH
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2025.02.05 19:30USD/JPY: USD is likely to trade in a range - UOB Group
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2025.02.05 19:25Disclaimer:
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