GBP/USD: Next on the upside comes 1.2200 – UOB – by pabspiovano GBPUSD Currencies Majors Banks
24-hour view: “While we expected GBP to strengthen yesterday, we were of the view that it ‘is unlikely to break the major resistance at 1.1940’. However, GBP blew past 1.1940 and rocketed to a high of 1.2080. There is room for GBP to strengthen further but in view of the deeply overbought conditions, the next major resistance at 1.2200 is unlikely to come into view . On the downside, a breach of 1.1975 would indicate that the strong rally is ready to take a breather.
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