Crypto News

GBP/USD Poised for Upside Momentum Above 1.2550

Published by
Nonhlanhla P Dube
  • According to economist Lee Sue Ann and markets strategist Quek Ser Leang at UOB Group, the GBP/USD pair is expected to see an acceleration in upside momentum once it clears the 1.2550 resistance level.
  • The 24-hour view suggests that there is some room for GBP to edge above 1.2520, although a clear break of the major resistance at 1.2550 is unlikely. Support levels are at 1.2470 and 1.2435.
  • In the next 1-3 weeks, GBP needs to break and stay above 1.2550 to advance in a sustained manner. The next resistance level above 1.2550 is at 1.2665. The support level is at 1.2390 and the “strong support” level is at 1.2370.

UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang believe that once GBP/USD clears the key level of 1.2550, the momentum on the upside is expected to accelerate.

According to the 24-hour view, there was no significant increase in momentum, and GBP is more likely to trade sideways in the range of 1.2420/1.2520. However, today there is room for GBP to edge above 1.2520, with support at 1.2470, followed by 1.2435. But a clear break of the major resistance at 1.2550 is unlikely.

Over the next 1-3 weeks, the sustained advancement of GBP is expected to depend on breaking and staying above the 1.2550 level. The likelihood of GBP breaking clearly above 1.2550 will remain as long as it does not move below 1.2390, and the strong support level was at 1.2370 yesterday. The next resistance level above 1.2550 is at 1.2665.

For South African traders, the strength of the pound sterling against the US dollar is of significant interest as it can have implications for trade and investments between the two countries. Traders should pay attention to UOB’s analysis of the GBP/USD exchange rate to make informed decisions on their trading strategies. However, it’s worth noting that various factors can impact the exchange rate, including geopolitical tensions, economic conditions, and central bank policies, so traders should always exercise caution.

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

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Published by
Nonhlanhla P Dube

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