The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.
GBP/USD could head towards $1.21
Sterling strength has carried the pound all the way back to the current downward trend from the September highs. Having pushed out of its previous range the buyers now look to be in charge, although overbought conditions and today’s Bank of England report could mean we experience significant volatility and/or some profit taking.
The 10 October high at $1.2477 would seem to be the next target, while a move lower would head back towards $1.21 for GBP/USD.