GBP/USD further gains unlikely – UOB

FX Strategists at UOB Group suggested the likeliness of further upside in Cable seems to have lost some traction.

Key Quotes

“GBP dipped to a low of 1.2865 yesterday, holding above the stop-loss for our bullish view at 1.2850”.

“While the quick bounce from the low is encouraging for our bullish stance, upward momentum is not that strong and the odds for a clear break above 1.3000 are not high”.

“That said, the bullish phase that started 2 weeks ago is considered intact until the stop-loss is taken out at 1.2850. In the event of a break above 1.3000, the next level to focus on is at 1.3060”.