GBP/USD stays bullish near term – UOB

FX Strategists at UOB Group keep the bullish outlook on Cable in the short-term.

Key Quotes

“We turned bullish two days ago with an immediate target of 1.2500. The rapid acceleration higher that resulted in an overnight high of 1.2495 came as a pleasant surprise”.

“The outlook is still clearly bullish but from a shorter-term perspective, the rally appears to be running ‘too fast, too soon’ and those who are long should look to book half-profit at 1.2545/50, just below the 1.2570 high seen in late February. Stop-loss is adjusted higher to 1.2340 from 1.2270”.