GBP/USD still sees a move to 1.2450 – UOB


In opinion of FX Strategists at UOB Group, Cable still faces chances of a visit to the mid-1.2400s in the near term.

Key Quotes

24-hour view: “Expectation for GBP to “edge above 1.2385” did not materialize as it traded in a relatively quiet manner between 1.2313 and 1.2371. Momentum indicators are mostly ‘neutral’ now and GBP could continue to trade sideways for today, likely between 1.2290 and 1.2360”.

Next 1-3 weeks: “As highlighted, the recovery in GBP that started late last week could extend to 1.2450 but ‘confirmation’ is only upon a NY close above 1.2380. Shorter-term momentum indicators appear to be stalling and the prospect for further GBP strength has diminished somewhat. However, only a break of 1.2235 (strong support previously at 1.2200) would indicate that the recovery phase hasrun its course. Meanwhile, GBP could consolidate at these higher levels for a couple of days before ‘deciding’ whether to extend its recovery”.

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 tension remains elevated ahead of the Fed

EUR/USD is trading above 1.1050, in a narrow range ahead of the all-important Fed decision. Chair Powell is set to cut rates but signal no further stimulus is on the cards.

EUR/USD News

GBP/USD extends its falls to 1.2450 amid weak UK inflation, Brexit impasse

GBP/USD has dropped to around 1.2450 as UK headline CPI missed with 1.7% in August. Brexit negotiations remain stuck according to Chief EU negotiator Barnier. The Fed decision is eyed.

GBP/USD News

USD/JPY holds on to recovery gains above 108.00 ahead of Fed

Not only upbeat trade numbers from Japan but upbeat trade/political headlines also help the USD/JPY pair to remain firm around 108.20 prior to Wednesday’s European session. Focus on FOMC decision.

USD/JPY News

Gold seesaws around $1,500 with all eyes on FOMC

With the global traders on a wait and see approach ahead of the key event, Gold offers fewer moves while taking rounds to $1,500 during Wednesday’s Asian session. Also supporting the bulls were positive statistics from the US and the Eurozone.

Gold News

Forex Today: Fed set to trigger high volatility, oil falls, altcoins advance

Tension is mounting ahead of the Federal Reserve decision later today. Economists expect a 25 basis point rate cut amid slowing global growth and investment. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures