GBP/USD Forecast: Stabilization above 1.2400 will be an encouraging sign for bulls
After having registered losses in the first two trading days of the week, GBP/USD has managed to close in positive territory on Wednesday and stretched higher to the 1.2400 area early Thursday. Near-term technical developments point to a bullish tilt but the impact of the US Gross Domestic Product (GDP) data on the US Dollar's valuation is likely to drive the pair's action in the second half of the day. Read more...
GBP/USD to move in lower end of a 1.20-1.24 range by end-Q1, EUR/GBP at 0.89 – ING
Sterling has been holding its own against the Euro and the Dollar. Economists at ING stick to their EUR/GBP and GBP/USD forecasts for the first quarter at 0.89 and 1.20, respectively.
“There is probably substantial short Sterling positioning on the crosses in expectation of the turn in the BoE cycle. This makes for a bumpy ride. But overall we are happy with our end 1Q23 forecast for EUR/GBP at 0.89, which will probably leave Cable trading towards the lower end of a 1.20-1.24 range.” Read more...
GBP/USD to gather strength and break 1.2445/47 highs of December – Credit Suisse
GBP/USD may hold below 1.2447 for now still, but analysts at Credit Suisse look for an eventual break higher.
“GBP/USD has retested and been capped at the 1.2445/47 highs of December. With the sell-off in the USD itself expected to stall for now as already, we see scope for further consolidation beneath here.”
“Big picture, we look for an eventual break above 1.2447 to target the May high and 61.8% retracement of the 2021/2022 fall at 1.2668/1.2758.” Read more...
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