GBP/USD fundamental and technical outlook: we target 1.58

Morgan Stanley made a fundamental forecasl for this week related to GBP/USD - they estimated for this pair to be on ranging market condition:

• "We expect GBP to remain supported and to even extend gains in the near term. GBP is poised to benefit from the broader more positive risk environment which is currently developing."
  
• "GBP is very highly sensitive to the global asset market performance and closely correlated to financial market volatility."
• "In addition, the announcements of more investment from China and general FDI flows into the UK could likely keep GBP supported. We target 1.58 in GBPUSD in the near term."
  

From the technical points of view - this pair is continuing ranging to be below 100 period SMA and 200 period SMA, and this 1.58 target is located near 200 SMA on the border between the primary bearish and the primary bullish area of the chart.