GBP/USD still appears to be scope to test 1.2615 — UOB

According to the observation of the strategists in the currency of the UOB Group, the pair GBP/USD is still positioned to perform a test to the area of 1.2615 in the next few weeks.

Statements key:

«The current consolidation phase appears incomplete and it is expected that the GBP can continue to operate in the lateral direction by now. That said, the bias is immediately for a test the upper limit of the expected consolidation range between 1.2500/1.2575».

«Despite the decrease in the upward momentum, the current rebound from the minimum of 1.2365 still seems to have scope to move above 1.2615. Only a break below 1.2460 would indicate that the upward pressure has dropped (and the beginning of a phase of consolidation)».

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