GBP/USD sticks to the bullish bias – UOB

FX Strategists at UOB Group remain bullish on Cable, who could challenge the mid-1.3600s in the near term.

Key Quotes

24-hour view: “GBP traded in a range of 1.3469/1.3552 yesterday, relatively close to our expected 1.3460/1.3560 consolidation range. Indicators are still mostly ‘neutral’ which suggest further range trading, likely between 1.3460 and 1.3560”.

Next 1-3 weeks: “As highlighted yesterday, the current movement is viewed as a short-term consolidation that may last for a few days. The bullish phase that started more than a week ago is still intact until the stop-loss at 1.3440 is taken out. Until then, another push higher to take out the major weekly trend-line at 1.3655 is not ruled out just yet”.