Expectations Rise for GBP to Attain 1.2400


Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group opined shifted the focus to the 1.2400 regions.

GBP plunged to 1.2137 in NY trade but the decline was short-lived as GBP rebounded strongly from the low and closed slightly higher at 1.2293 (+0.24%). There is speculation that the GBP would move higher but a break of 1.2350 appears unlikely today. Support is at 1.2245, followed by 1.2200.”

Following the sharp but brief drop to 1.2137 in NY trade, upward momentum has eased somewhat. While there is an expectation for GBP to advance, it may take a while before 1.2400 manifests.

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