GBP/USD sticks to the neutral stance – UOB

FX Strategists at UOB Group remain neutral on Cable, expecting a test of 1.2615 in the near term.

Key Quotes

“We have held the same view since last Thursday wherein we expect the rebound from the 1.2365 low to move above the March’s high of 1.2615”.

“The overnight high has been 1.2595 and despite the pull-back from the high, the undertone is still positive and a move above 1.2615 still seems likely”.

“However, the next resistance at 1.2706 (Feb’s high) is likely out of reach (minor resistance at 1.2650). On the downside, only a move back below 1.2480 would indicate that the immediate upward pressure has eased”.