GBP/USD a test of 1.2080 remains on the cards – UOB

Pablo Piovano FXStreet

Peter Chia, FX Strategist at UOB Group, believes Cable could attempt another visit to lows in the 1.2080 area.

Key Quotes

“GBP/USD had no follow through from a better than expected UK 3Q prelim GDP (2.3% y/y vs 2.1% est), with an initial spike to 1.2273 quickly faded to fresh sessions lows of 1.2149”.

“The disappointing price action in cable overnight is uncannily similar to that of AUD/USD prior day after the Australia’s 3Q CPI beat. Following that same pattern, one can expect the weakness in GBP to possibly extend towards 1.2080/1.2100 in the coming sessions”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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