GBP/USD still looks overbought – UOB

According to FX Strategists at UOB Group, Cable’s outlook remains in the overbought territory.

Key Quotes

“We have held the same bullish view that GBP is “overbought but has room for extension to 1.2950” since last Wednesday”.

“The target appears to be within reach and while upward momentum is not as strong as preferred; a break above this level would not be surprising”.

“If GBP can close above this level, it would bode well for further extension towards 1.3000 and likely beyond. In order to maintain the current bullish momentum, any short-term pullback should not move back below 1.2800 (level adjusted from 1.2760)”.