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GBP/USD may not have enough steam to break above 1.3570 – UOB Group

The risk for Pound Sterling (GBP) remains on the upside; it is unclear whether momentum is strong enough to break above 1.3570, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

🔗 Source

💡 DMK Insight

GBP’s potential to break 1.3570 is crucial for traders right now. With ETH currently at $2,933.91, the correlation between crypto and forex markets could influence trading strategies. If GBP manages to breach that resistance, it could signal a stronger dollar, impacting crypto valuations. Traders should keep an eye on economic indicators like UK inflation data and US employment figures, as these could sway the GBP’s momentum. A failure to break above 1.3570 might lead to a pullback, creating a buying opportunity for those looking to capitalize on a rebound. Watch for volatility around key economic releases this week, as they could provide the catalyst for GBP’s next move.

📮 Takeaway

Monitor GBP’s resistance at 1.3570 closely; a breakout could shift sentiment across forex and crypto markets.

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