GBP/USD still waiting for a breakout of 1.4770 – UOB

In view of analysts at UOB Group, the pair is expected to re-test the area of recent highs around 1.4770 in the next 1-3 weeks.

Key Quotes

“While the initial dip in GBP held above 1.4550 as expected, the rebound from the 1.4589 low was weaker than anticipated. However, the undertone is still positive but any up-move is likely limited to 1.4670/75 for now”.

“While the pull-back form the recent high of 1.4738 has been rather resilient than expected, downward momentum is not strong and we view the decline as a short-term correction. As long as 1.4550 is intact, further GBP strength towards 1.4770 in the coming days cannot be ruled out just yet”.