GBP/USD bullish, upside could be losing steam – UOB
|In view of FX Strategists at UOB Group, the outlook on Cable stays bullish although it could struggle to advance further north of 1.2532.
Key Quotes
“While GBP managed to make a ‘fresh high’ of 1.2532, the up-move is lacking in momentum. That said, the undertone is generally positive and GBP could continue to edge higher towards 1.2550. The next resistance at 1.2570 (last month’s high) is a strong level and is unlikely to yield so easily. Support is at 1.2465 but only a move back below 1.2430 would indicate that a temporary top is in place”.
“The overnight high of 1.2532 did not quite reach the partialprofit taking indicated previously at 1.2545/50. While the bullish phase that started on Monday is still intact, we believe the rally is running ahead of itself and continue to suggest taking partial profit at 1.2545/50. Stop-loss is adjusted higher to 1.2400 from 1.2340”.
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