GBP/USD bullish, aims to 1.4770 – UOB

The research team at UOB Group remains bullish on Cable and expects a visit to the 1.4770 area in the near term.

Key Quotes

“In line with expectations, GBP extended its again to move above the 1.4650 target (high of 1.4663) but the up-move was short-lived”.

“The outlook for GBP just turned bullish yesterday and there is no change the view wherein we expect the current rally to extend to test the 1.4770 high seen earlier this month. Stoploss is adjusted higher to 1.4485 from 1.4450”.