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Jun 22 - 10:55 AM

GBP/USD: Tactically Bearish For 1.2270; Negate On Move Above 1.2480 -UOB

By eFXdata  —  Jun 22 - 09:15 AM

UOB adopts a tactical bearish bias on GBP/USD towards 1.12270.

"As highlighted, GBP “could decline towards 1.2320, possibly as low as 1.2270”. The pace of the subsequent decline was faster than anticipated as GBP dropped to a low of 1.2344 during NY hours last Friday. Downward momentum remains strong and 1.2320 could be within reach soon. A clear break of this level would shift the focus to 1.2270,"UOB notes. 

"At this stage, it is left to be seen if GBP can maintain a toe-hold below 1.2270. Overall, GBP is expected to stay under pressure unless it can move above 1.2480 (‘strong resistance’ level was at 1.2550 last Friday)," UOB adds. 

Source:
UOB Research/Market Commentary

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