GBP/USD sticks to the bullish bias – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group remain bullish on Cable, who could challenge the mid-1.3600s in the near term.

Key Quotes

24-hour view: “GBP traded in a range of 1.3469/1.3552 yesterday, relatively close to our expected 1.3460/1.3560 consolidation range. Indicators are still mostly ‘neutral’ which suggest further range trading, likely between 1.3460 and 1.3560”.

Next 1-3 weeks: “As highlighted yesterday, the current movement is viewed as a short-term consolidation that may last for a few days. The bullish phase that started more than a week ago is still intact until the stop-loss at 1.3440 is taken out. Until then, another push higher to take out the major weekly trend-line at 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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