0526 GMT - GBP/USD is likely to trade with a downward bias toward 1.2240 in the near term, based on the weekly chart, says Quek Ser Leang, markets strategist at UOB's Global Economics & Markets Research, in a note. The currency pair's weekly moving average convergence divergence indicator has turned negative after it slightly fell below the 55-week exponential moving average on Tuesday, though the bias isn't strong for now, he says. Currently, it's probably premature to expect GBP/USD to break below the weekly Ichimoku cloud's bottom, which is presently at 1.2100, he says. GBP/USD is little changed at 1.2579. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
April 03, 2024 01:27 ET (05:27 GMT)
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