GBP/USD sticks to the bullish stance – UOB

GBP/USD’s outlook remains on the bullish side for the time being, suggested FX Strategists at UOB Group

Key Quotes

“GBP edged above 1.2500 to hit a high of 1.2507 but the upmove was short-lived. The subsequent consolidation has resulted in a mixed outlet and the current price action is viewed as part of a consolidation phase. In other words, expect sideway trading for today, likely between 1.2420 and 1.2510”.

“GBP hit an overnight high of 1.2507 before closing on a strong note. The bullish phase that started on Monday is still intact. However, 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 unchanged at 1.2340”.