GBP/USD further gains appear unlikely – UOB

The likeliness of extra gains in Cable appear diminished for the time being, noted FX Strategists at UOB Group.

Key Quotes

“Momentum has deteriorated further and the odds for further GBP strength have diminished”.

“That said, only a break below 1.3000 would indicate that GBP has moved into a neutral phase. In the meanwhile, those who are long from 1.3075 may like to lighten their position if there is a bounce to 1.3075/80. Looking further ahead, GBP has to ‘punch’ above 1.3095 to improve the odds for a move to 1.3150, 1.3200”.