GBP/USD still targets 1.3535 – UOB

GBP/USD remains focused on a potential test of 1.3535, according to the research team at UOB Group.

Key Quotes

“While the failure to move above last Thursday's high of 1.3480 was not surprising, the subsequent sharp and rapid decline from a peak of 1.3481 was unexpected. The move back below the strong 1.3150 support suggests that a short term top is in place”.

“The current outlook is still viewed as neutral even though the odds for the current corrective recovery to extend higher to 1.3535 have diminished. Only sustained move below 1.3150 would indicate that the short-term upward pressure has eased”.