GBP/USD bullish, next target at 1.2500 – UOB

GBP/USD keeps the bullish bias intact, facing the next hurdle at 1.2500 according to FX Strategists at UOB Group.

Key Quotes

“GBP hit a high of 1.2436 before tumbling to hit a low of 1.2436. Despite the rather weak close, the bullish phase that started yesterday is still intact and we continue to anticipate a move higher towards 1.2500”.

“That said, 1.2440/50 is rather strong resistance (top of Ichimoku cloud as well declining trend-line) and it may take a couple of days before we see a clear break above this level. Stop-loss is unchanged at 1.2270”.