GBP/USD still targets 1.2950 – UOB

Pablo Piovano FXStreet

In view of FX Strategists at UOB Group, Cable still targets the mid-1.2900s in the near term.

Key Quotes

“The rapid pull-back from a high of 1.2860 appears to have room to extend lower to test the strong support at 1.2735/40. At this stage, a sustained move below this level is not expected (next support at 1.2700)”.

“We just shifted to a bullish stance yesterday and there is no change to the view. Despite being overbought, the current GBP rally appears to have scope to extend higher towards 1.2950. Only a move back below 1.2660 would indicate that a temporary top is in place”.

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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