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GBP/USD Forecast: Bullish bias remains intact ahead of US data GBP/USD capitalized on the broad-based US Dollar (USD) weakness and registered impressive gains on Monday. The pair continues to stretch higher in the European session on Tuesday and trades near the key resistance area at 1.2575. The improving market mood made it difficult for the USD to find demand at the beginning of the week. Risk flows dominated the action in financial markets and triggered a USD selloff after the Washington Post reported that US President-elect Donald Trump’s aides were exploring tariff plans that would be applied to every country but only cover critical imports. Read more… GBP/USD: To consolidate between 1.2450 and 1.2550 – UOB Group Pound Sterling (GBP) is expected to consolidate in a range between 1.2450 and 1.2550. In the longer run, GBP is expected to trade in a range, likely between 1.2420 and 1.2620, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note. 24-HOUR VIEW: “GBP soared by 0.79% yesterday, closing at 1.2522. The rapid rise appears to be excessive. Today, instead of continuing to rise, GBP is more likely to consolidate, expected to be between 1.2450 and 1.2550.” Read more… Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-bullish-bias-remains-intact-ahead-of-us-data-202501071119

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Filed under: News - @ January 7, 2025 3:26 pm