GBP/USD Bullish Near-Term, 1.4770 on Sight
Analysts at UOB Group see the current soft tone in GBP/USD as temporary, while a test of 1.4770 remains on the table.
“Instead of extending towards the strong 1.4770 resistance, GBP eased off quickly to touch an overnight low of 1.4650. Upward pressure has clearly eased and the current movement is likely the early stages of a consolidation phase”.
“We shifted to a bullish stance yesterday and there is no change to the view. The down-move from the high of 1.4738 is viewed as a short-term correction and as long as the 1.4550 stop-loss is intact, we continue to anticipate a break above 1.4770”.