GBP/USD: Below 1.3380, GBP is likely to trade in a range – UOB Group
The near-term trend is leaning to the upside, however The British pound may not be able to breach the 1.3505 levelnote FX analysts at UOB Group, Quek Sir Liang and Peter Chia.
24-hour view: “Yesterday, the British pound rose to a high of 1.3491 before pulling back, closing slightly higher by 0.12% at 1.3443. The pullback amid slowing momentum and overbought conditions suggests that the pound is unlikely to rise further. Today, we expect the pound to trade in a range bound range, most likely between 1.3420 and 1.3470.” Read more…
GBP/USD growth driven by weak US dollar
Wednesday, The GBP/USD pair remained stable at 1.3436. The British pound received support from US dollar selling after increasing trade tensions between the United States and Europe over Greenland.
US President Donald Trump has threatened to impose tariffs on imports from the United Kingdom, Denmark, Norway, Finland, France, Germany and the Netherlands if these countries do not agree to transfer control of Greenland to the United States. In response, investors began to withdraw from US assets, including the dollar, and reallocate funds to European currencies and gold. Read more…
