Forex trends: sterling gains versus majors

image Tuesday, during early Asian deals, the British pound strengthened against its major counterparts, jumping to a 4-day high against the yen, as the house prices in UK rose in August for the first time in two years, suggesting that conditions are levelling off as the economy regains its footing.

The pound, which closed yesterday’s trading at 150.79 against the yen jumped to a 4-day high of 151.54 in early Asian deals on Tuesday. The next upside target level for the GBP/JPY rally is seen at 153.2.

During early Asian deals on Tuesday, the pound climbed to 0.8796 against the euro and 1.6631 against the dollar. If the U.K. currency advances further, it may likely target 1.674 against the dollar and 0.873 against the euro. The GBP/USD and the EUR/GPB pairs were worth 1.6578 and 0.8823, respectively at yesterday’s close.

The pound strengthened to 1.7210 against the Swiss franc during early Asian deals on Tuesday. On the upside, 1.737 is seen as the next target level for the pound. At yesterday’s close, the pound-franc pair was quoted at 1.7155.


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