GBP/USD still bearish, supported at 1.2085/90 – UOB
|Cable’s outlook remains in the bearish camp for the time being, with strong support in the 1.2085/90 band.
Key Quotes
“We turned bearish GBP yesterday but highlighted the less than favourable reward to risk ratio as the October’s low of 1.2085/90 is expected to offer solid support”.
“GBP dipped initially but rebounded quickly after hitting a low of 1.2107”.
“From here, as long as 1.2290 is intact, another attempt to move towards 1.2085/90 still seems likely. On a shorter-term note, 1.2250 is already a strong resistance”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.