GBP/USD still bearish, eyes on 1.3060 – UOB

GBP/USD keeps the bearish perspective and targets the 1.3060 region, suggested the research team at UOB Group.

Key Quotes

“The 1.3120 target indicated yesterday was not met as GBP rebounded strongly after touching a low of 1.3139. While the current rebound could extend further to 1.3300, a sustained move above this level is not expected”.

“While the recent strong downward momentum is dented with the strong rebound from a low of 1.3139 yesterday, the outlook for GBP for the next couple of weeks is still deemed as bearish (we just turned bearish yesterday). The immediate target and stop-loss are unchanged at 1.3060 and 1.3340 for now”.