GBP/USD: Downside alleviated above 1.2500 – UOB – by pabspiovano GBPUSD Currencies Majors Banks
Key Quotes
Next 1-3 weeks: “We have held a negative GBP view for more than a week now. In our latest narrative from last Friday , we indicated that GBP ‘is likely to weaken further to 1.2350, as low as 1.2300’. We did not quite expect the rebound to a high of 1.2484. While the rebound has slowed the downward momentum, we continue to hold the same view for now. In order to revive the flagging momentum, GBP has to break and stay below 1.2390 these 1-2 days. Otherwise, a clear break above 1.
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