GBP/USD bearish, eyes on 1.2865 – UOB

In view of the research team at UOB Group, GBP/USD’s outlook remains bearish with a target at 1.2865 in the next weeks.

Key Quotes

“GBP dipped initially but held above the 1.2915 support (low of 1.2938) before rebounding quickly to edge above 1.3020 to touch an overnight high of 1.3028. The up-move appears to have scope to extend further but 1.3060 is a major resistance and this level is unlikely to yield so easily”.

“GBP closed on a strong note yesterday and while the outlook is still deemed as bearish, the odds for the current bearish phase to extend further to 1.2865 have diminished considerably. Unless this pair can move and stay below 1.2975 within these 1 to 2 days, a breach of the stop-loss at 1.3060 would not be surprising”.