GBP/USD now looks to 1.2240 – UOB

advancing to the 1.2240 region in the near term, suggest FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.24-hour view: “GBP jumped to a high of 1.2187 before closing on a strong note at 1.2158 . The rapid rise has room to extend but in view of the overbought conditions, the major resistance at 1.2240 is unlikely to come into the picture for now . On the downside, a breach of 1.2110 would indicate that the current upward pressure has eased.

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