GBP/USD shifted to bullish, eyes on 1.3370 – UOB

The research team at UOB Group has now shifted its outlook on GBP/USD to bullish from neutral, targeting 1.3370/75 in the near term.

Key Quotes

“The target indicated at 1.3250/55 was exceeded as GBP surged to an overnight high of 1.3273. While further GBP strength seems likely in the days ahead, the current rally appears to be running ahead of itself”.

“As highlighted yesterday, a break of the key 1.3250 resistance would indicate the start of a sustained up-move in GBP towards the 1.3340/45 high seen earlier this month. The upward momentum is not as impulsive as we would prefer and from here, a move back below 1.3100 is enough to indicate that our bullish expectation is wrong”.