According to FX Strategists at UOB Group, Cable’s perspective stays on the bullish side in the near term.
“While the consolidation over the past couple of days has dented the upward momentum, the current overbought rally appears to have room to extend higher towards 1.2950”.
“Only a move back below 1.2660 would indicate that a temporary top is in place. That said, GBP has to move higher within the next 1 to 2 days as a prolonged consolidation would lead to further loss in momentum”.
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