GBP/USD seen testing the top of the 1.2150/1.2380 range – UOB

Cable is seen edging higher and testing the vicinity of 1.2380 in the next weeks, according to FX Strategists at UOB Group.

Key Quotes

24-hour view: “We highlighted last Friday that GBP “could move above the 1.2273 overnight high but a sustained rise above 1.2305 seems unlikely”. While GBP dipped initially, it held above the support indicated at 1.2195 (low of 1.2195) before surging to a high of 1.2296. The subsequent firm daily closing in NY (1.2280) suggests GBP could edge above 1.2300 but the next resistance at 1.2330 is unlikely to come into the picture. Support is at 1.2230 followed by the still rather solid level of 1.2195”.

Next 1-3 weeks: “There is not much to add to last Friday’s (23 Aug, spot at 1.2245) update. As highlighted, while the current movement in GBP is viewed as a consolidation phase, the rapid rise last week suggest GBP would likely probe the top of the expected 1.2150/1.2380 range first in the coming days/weeks. For now, the prospect for a sustained advance above 1.2380 is not high. That said, the swift bounce from 1.2195 last Friday reinforces our view that the immediate risk is tilted to the upside”.

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 assets. 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 Open Markets 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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD tumbles below 1.10 amid weak German PMIs

EUR/USD has dropped sharply below 1.10 after German Manufacturing PMI dropped to 41.4 and other figures are disappointed. Fears of a recession are mounting. ECB's Draghi speaks later.


GBP/USD trades below 1.25 as markets await a Brexit breakthrough

GBP/USD is trading below 1.25, little changed. PM Johnson has expressed optimism ahead of meetings with EU leaders in New York. The opposition Labour Party's is trying to iron out its position on Brexit. 


USD/JPY: Bulls reasurting themselves amid improved trade sentiment

USD/JPY holds firmer starting out the week, as the optimistic sentiment for trade talks remains on track. However, the further upside remains capped by falling Treasury yields-led broad USD weakness.


Gold climbs to over 1-week tops, around $1520 region

Gold edged higher through the early European session on Monday and is currently placed at over one-week tops, around the $1520 region.

Gold News

Top 3 price prediction Bitcoin, Ripple, Ethereum: Bakkt to the Future

Today is the day – the release of futures on Bitcoin by ICE – owner among others by the all-powerful NYSE. This initiative, channeled through the trading platform Bakkt, will allow trading futures on Bitcoin with delivery to maturity.

Read more