GBP/USD keeps the bearish outlook intact – UOB

In view of analysts at UOB Group, Cable’s perspective remains on the bearish side in the next 1-3 weeks.

Key Quotes

“As highlighted yesterday, a sustained move below last Friday’s 1.2915 low is unlikely. GBP dropped to a low of 1.2916 and before rebounding quickly. While a short-term base is likely in place, any further up-move from here is expected to face stiff resistance at 1.3020. On the downside, 1.2915 is acting a strong intraday support”.

“We indicated yesterday that while the outlook for GBP is still bearish, any further weakness is likely limited to the next major support at 1.2865 (the low in August). That said, only a move above 1.3060 would indicate that the current bearish phase has ended”.