GBP/USD still targeting 1.3000 – UOB

In view of analysts at UOB Group, a test of the 1.3000 area remains well on the cards for Cable in the next weeks.

Key Quotes

“The short-term GBP strength is viewed as a corrective rebound and it is too early to expect a sustained recovery”.

“Trading is expected to remain volatile but at this stage, we do not see GBP moving back above the stop-loss for our bearish view at 1.3785”.

“This level is expected to move lower if the current volatility abates further. Target remains unchanged at 1.3000 even though Monday’s low of 1.3120/25 is acting as a strong intermediate support”.