GBP/USD bullish, probable surpass of 1.3655 – UOB

Pablo Piovano FXStreet

Cable’s bullish outlook remains firm, allowing a potential test of the mid-1.3600s in the near term, according to FX Strategists at UOB Group.

Key Quotes

24-hour view: “While GBP ‘retested’ last Friday’s peak of 1.3615/20 as expected, the subsequent sharp and rapid drop from a high of 1.3618 was unexpected. A temporary top is likely in place and the current movement is viewed as the early stages of a consolidation phase. In other words, GBP is expected to trade sideways from here, likely within a 1.3460/1.3560 range”.

Next 1-3 weeks: “The sharp pull-back yesterday is viewed as part of a short-term consolidation phase that may last for a couple of days. Until the stop-loss at 1.3440 is taken out, another push higher to take out 1.3655 is not ruled out just yet”.

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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