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21 Jan 2025

GBP/USD: Resistance at 1.2410 is probably out of reach today – UOB Group

Pound Sterling (GBP) is expected to continue to advance; the significant resistance at 1.2410 is probably out of reach today. In the longer run, GBP view is positive, anticipating a move to 1.2410, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

GBP view is positive

24-HOUR VIEW: “Our view for GBP to ‘trade with a downward bias’ yesterday was incorrect. GBP surged, blowing past several resistance levels with ease (high has been 1.2344). Although we expect GBP to continue to advance today, the significant resistance at 1.2410 is probably out of reach today. Note that there is another resistance level at 1.2380. On the downside, any pullback is likely to remain above 1.2240.”

1-3 WEEKS VIEW: “Yesterday (20 Jan, spot at 1.2170), we highlighted, “there has been a tentative buildup in momentum, but GBP must break clearly below 1.2100/1.2130 support zone before further weakness can be expected.” The tentative buildup in momentum fizzled out quickly, as GBP surged above our ‘strong resistance’ level at 1.2305. From here, we are revising our view for GBP to positive, anticipating a move to 1.2410. We will maintain our view as long as the ‘strong support’ level, currently at 1.2210, is not breached. The ‘strong support’ level is set to move higher in the coming days.”

Jan 21, 2025

EUR: Short-term upside room in the crosses – ING

EUR/USD remains cheap and oversold despite yesterday’s rebound. We estimate that the pair is still trading around 1.5% below its short-term fair value, signalling some tariff related risk remains in the price, ING’s FX analyst Francesco Pesole notes.
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Jan 21, 2025

Canada CPI expected to rise 1.8% in December, bolstering BoC to further ease policy

Statistics Canada is set to release its latest inflation report for December, based on the Consumer Price Index (CPI), this Tuesday.
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