GBP/USD still neutral, unlikely to test 1.4770 – UOB

The research team at UOB Group believes a test of highs near 1.4770 remains unlikely in the next weeks.

Key Quotes

“We shifted to a neutral stance yesterday and were of the view that only a break below 1.4400 would indicate the start of a bearish phase in GBP”.

“The rapid recovery that took out 1.4580 suggests that the downward pressure has eased”.

“While a move above last week’s 1.4663 top would not be surprising, the month’s high at 1.4770 is not expected to come into the picture for now. To put it another way, the outlook for this pair is still deemed as neutral”.