Pound Sterling Price News and Forecast: GBP/USD bulls gather strength to take out the key 1.2200

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GBP/USD Forecast: Correction could be in the books before the next leg higher

GBP/USD has gone into a consolidation phase below 1.2100 following Wednesday’s rally. In the absence of high-impact macroeconomic data releases, market participants will pay close attention to comments from Bank of England (BoE) officials. Meanwhile, the technical outlook shows that the pair is overbought and that it might need to make a downward correction before building on its recent gains.

GBP/USD: Next on the upside comes 1.2200 – UOB

In the opinion of Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, GBP/USD is expected to climb further and could revisit 1.2200 in the next weeks.