GBP/USD next target remains at 1.2615 – UOB

In view of FX Strategists at UOB Group, Cable remains poised for a test of 1.2615 in the next weeks.

Key Quotes

“The current consolidation phase appears incomplete and GBP is expected to continue to trade sideways for now. That said, the immediate bias is for a probe higher towards the top of the expected 1.2500/1.2575 consolidation range”.

“Despite waning upward momentum, the current rebound from the 1.2365 low still appears to have scope to move above 1.2615. Only a break back below 1.2460 would indicate that the upside pressure has eased (and the start of a consolidation phase)”.