GBP/USD now looks at 1.2400 – UOB

Pablo Piovano FXStreet

Further gains could lift GBP/USD to the 1.2400 region in the next few weeks, note UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.

Key Quotes

24-hour view: “While we expected GBP to strengthen yesterday, we held the view that ‘a sustained rise above 1.2220 appears unlikely’. We did not anticipate the strong advance as GBP soared to 1.2286 before closing a firm note at 1.2277 (+0.79%). Strong upward momentum suggests further GBP strength towards 1.2330. The major resistance at 1.2400 is likely out of reach today. The upside risk is intact as long as GBP stays above 1.2220 (minor support is at 1.2250).”

Next 1-3 weeks: “We noted yesterday (20 Mar, spot at 1.2180) that ‘upward momentum is beginning to build’. We held the view that GBP ‘has to break and stay above 1.2220 before a sustained rise is likely (the next resistance is at 1.2270)’. We did not anticipate the rapid improvement in momentum, as GBP easily took out both 1.2220 and 1.2270 and surged to 1.2286. The price actions suggest GBP is likely to strengthen further to 1.2400. The strong support at 1.2180 (level was at 1.2095 yesterday) is likely to hold, at least for the next couple of days.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD consolidates below 1.1700 as markets turn risk-averse

EUR/USD struggles to stage a rebound and trades near the lower limit of its weekly range below 1.1700 on Thursday. The US Dollar benefits from the cautious market stance and doesn't allow the pair to gain traction ahead of mid-tier data releases.

GBP/USD stays in red near 1.3450 on broad USD resilience

GBP/USD stays on the back foot after posting losses for two consecutive days and trades near 1.3450 on Thursday. The souring market mood amid simmering geopolitical tensions make it difficult for the pair to gain traction as focus shift to the the US labor market data.

Gold sticks to intraday losses below $4,450; seems vulnerable to slide further

Gold maintains its offered tone through the first half of the European session and currently trades near the lower end of its daily range, down for the second straight day. The downfall lacks any obvious fundamental catalyst and could be attributed to some follow-through profit-taking ahead of the release of the US Nonfarm Payrolls report on Friday.

Pi Network flashes bearish potential as selling pressure mounts

Pi Network trades above $0.2000 at press time on Thursday, following a nearly 2% decline the previous day. Centralized Exchanges have received 1.90 million PI tokens over the last 24 hours, suggesting risk-off sentiment among holders. The technical outlook for the PI token remains bearish, with a risk of a cross below the 20-day Exponential Moving Average.

2026 economic outlook: Clear skies but don’t unfasten your seatbelts yet

Most years fade into the background as soon as a new one starts. Not 2025: a year of epochal shifts, in which the macroeconomy was the dog that did not bark. What to expect in 2026? The shocks of 2025 will not be undone, but neither will they be repeated.