GBP/USD Still Waiting for a Breakout of 1.4770 – UOB
In view of analysts at UOB Group, the pair is expected to re-test the area of recent highs around 1.4770 in the next 1-3 weeks.
“While the initial dip in GBP held above 1.4550 as expected, the rebound from the 1.4589 low was weaker than anticipated. However, the undertone is still positive but any up-move is likely limited to 1.4670/75 for now”.
“While the pull-back form the recent high of 1.4738 has been rather resilient than expected, downward momentum is not strong and we view the decline as a short-term correction. As long as 1.4550 is intact, further GBP strength towards 1.4770 in the coming days cannot be ruled out just yet”.