GBP/USD a test of 1.3480 still on the cards – UOB

Analysts at UOB Group remain bullish on GBP/USD and a visit of the 1.3480 area should not be ruled out.

Key Quotes

“The 1.3370/75 bullish target that was first highlighted last Friday was briefly exceeded as GBP spiked to a high of 1.3376 yesterday”.

“As indicated previously, this is a major resistance and may not be easy to break. At this stage, the down-move from the high is deemed as a corrective pullback and as long as the stop-loss at 1.3200 is intact (adjusted higher from 1.3180), another attempt to move clearly above 1.3375 seems likely”.

“That said, the odds for further extension towards the next resistance at 1.3480 are not high”.