Chance of British Pound (GBP) testing 1.2375; The main resistance at 1.2410 is unlikely to be reached. The view of the Pound is positive, anticipating a movement towards 1.2410, FX analysts from UOB GroupQuek Ser Leang and Lee Sue Ann.
Resistance at 1.2410 unlikely to be reached
24 hour perspective: “While we expected GBP to ‘continue to advance’ yesterday, we indicated that ‘significant resistance at 1.2410 is likely to be out of reach.’ Our view was wrong. Instead of continuing to advance, GBP traded between 1.2232 and 1.2361. GBP closed slightly higher by 0.23% at 1.2358. Although there is no significant increase in momentum, there is a chance for the Pound to test. 1.2375. The main resistance at 1.2410 is unlikely to be reached. On the downside, support levels are in place. 1.2300 and 1.2260.”
Outlook 1-3 weeks ahead: “We revised our view on the Pound to positive yesterday (January 21, pair at 1.2330), anticipating a move towards 1.2410. We indicated that ‘we will maintain our view as long as the ‘strong support’ level, currently at 1.2210, is not breached. ‘ Our vision remains unchanged.”
Source: Fx Street
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