GBP/USD: Set to move to 1.2410 – UOB Group

Current price movements are likely part of a 1.2280/1.2355 range trading phase. In the longer run, Pound Sterling (GBP) view is positive, anticipating a move to 1.2410, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

GBP looks positive mid-term

24-HOUR VIEW: “When GBP was at 1.2330 in early Asian trade yesterday, we highlighted that ‘there is a chance for GBP to test 1.2375.’ We added, ‘the major resistance at 1.2410 is unlikely to come into view.’ Our view was validated, as GBP rose to 1.2376 and then pulled back to close at 1.2328 (-0.25%). The current price movements are likely part of a range trading phase. Today, we expect GBP to trade in a 1.2280/1.2355 range.”

1-3 WEEKS VIEW: “Our update from Tuesday (21 Jan, spot at 1.2330) remains valid. As highlighted, the GBP is positive, and we are anticipating a move to 1.2410. On the downside, a breach of 1.2210 will invalidate our view.”