GBP/USD keeps the bullish bias intact, facing the next hurdle at 1.2500 according to FX Strategists at UOB Group.
“GBP hit a high of 1.2436 before tumbling to hit a low of 1.2436. Despite the rather weak close, the bullish phase that started yesterday is still intact and we continue to anticipate a move higher towards 1.2500”.
“That said, 1.2440/50 is rather strong resistance (top of Ichimoku cloud as well declining trend-line) and it may take a couple of days before we see a clear break above this level. Stop-loss is unchanged at 1.2270”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.