GBP/USD now targets 1.2705 – UOB

FX Strategists at UOB Group stay bullish on Cable, suggesting the next target should be 1.2705.

Key Quotes

“While the ease of which the strong 1.2570 resistance was taken out came as a surprise, the up-move was short-lived (high of 1.2615)”.

“We have been bullish since last Monday and suggested taking half-profit at 1.2545/50”.

“From here, the outlook for GBP is deemed as bullish until the trailing stop-loss is taken out. Stop-loss is currently at 1.2465, adjusted higher from 1.2430. The revised target is at 1.2705 even though 1.2640 is a strong intervening resistance”.