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Jun 08 - 09:55 AM

GBP/USD: Maintains A Bullish & Long Exposure But Acknowledges COVID Risks - MUFG

By eFXdata  —  Jun 08 - 08:52 AM

MUFG Research discusses GBP/USD outlook and maintains a long exposure in spot targeting a move towards 1.4585.

"In our latest FX Weekly report we recommended a long cable trade idea and set a target of 1.4585 which would mark a fresh high for the pair since the Brexit referendum in June 2016. The trade idea should benefit from further broad-based US dollar weakness in the near-term following the weaker than expected non-farm payrolls for May," MUFG notes. 

"The main risk to our bullish outlook for the pound is posed by the risk of further COVID-related disruption. The ongoing spread of the new Delta variant and the re-opening of the economy is resulting in a pick-up in new cases which have risen to 35,168 over the past week to 7th June from a recent low of 10,624 in the week ending 19th May," MUFG adds. 

Source:
MUFG Research/Market Commentary

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