GBP/USD still targets 1.2950 – UOB

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”.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.