GBP/USD: Resistance at 1.2410 is probably out of reach today – UOB Group

FXStreet Insights Team FXStreet

Pound Sterling (GBP) is expected to continue to advance; the significant resistance at 1.2410 is probably out of reach today. In the longer run, GBP view is positive, anticipating a move to 1.2410, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

GBP view is positive

24-HOUR VIEW: “Our view for GBP to ‘trade with a downward bias’ yesterday was incorrect. GBP surged, blowing past several resistance levels with ease (high has been 1.2344). Although we expect GBP to continue to advance today, the significant resistance at 1.2410 is probably out of reach today. Note that there is another resistance level at 1.2380. On the downside, any pullback is likely to remain above 1.2240.”

1-3 WEEKS VIEW: “Yesterday (20 Jan, spot at 1.2170), we highlighted, “there has been a tentative buildup in momentum, but GBP must break clearly below 1.2100/1.2130 support zone before further weakness can be expected.” The tentative buildup in momentum fizzled out quickly, as GBP surged above our ‘strong resistance’ level at 1.2305. From here, we are revising our view for GBP to positive, anticipating a move to 1.2410. We will maintain our view as long as the ‘strong support’ level, currently at 1.2210, is not breached. The ‘strong support’ level is set to move higher in the coming days.”

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD stays weak near 1.1650 ahead of critical US events

EUR/USD stays in the red near 1.1650 in the European trading hours on Friday. The pair remains undermined by broad US Dollar strength and a cautious market mood. Traders keenly await the US Nonfarm Payrolls data and Supreme Court's ruling on Trump's tariff powers for further direction.

GBP/USD holds lower ground below 1.3450, with eyes on US data

GBP/USD remains subdued for the fourth consecutive day, while trading below 1.3450 in the European session on Friday. Markets remain in a wait-and-see mode before the key US event risks and prefer to hold the US Dollar, which weighs negatively on the pair. The US monthly jobs data and the Supreme Court decision on tariffs are awaited.

Gold flat lines around $4,475; looks to US NFP report for fresh impetus

Gold reverses a modest intraday dip to the $4,453 area, and trades near the top end of its daily range heading into the European session. The upside, however, seems limited as traders might opt to wait for the US Nonfarm Payrolls report later today. The crucial employment details will be looked upon for more cues about the Federal Reserve's rate-cut path.

Nonfarm Payrolls expected to show US labor market remained weak in December

The United States Bureau of Labor Statistics will release the Nonfarm Payrolls data for December on Friday at 13:30 GMT. Economists expect Nonfarm Payrolls to rise by 60,000 in December following the 64,000 increase recorded in November.

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.

Pepe Price Forecast: PEPE risks 100-day EMA fallout as bullish interest fades

Pepe is under extreme selling pressure, trading in the red for the fifth consecutive day, down 1% at press time on Friday. Pepe’s decline following a 72% hike last week suggests a likely profit-booking phase, while on-chain data indicates declining network activity.