GBP/USD focused on 1.4665 – UOB

The research team at UOB Group argued the pair needs to close above 1.4665 in order to allow for further gains towards 1.4770.

Key Quotes

“The bearish phase that started early last week ended abruptly as GBP rocketed higher last Friday and took out the 1.4330 stop-loss”.

“While the current rebound could extend further to 1.4665, only a daily closing above this level would increase the odds for a break above last month 1.4770 high”.

“In the meanwhile, we prefer to hold a neutral view even though the bias is clearly on the upside as long as the support at 1.4365 is intact”.

“Looking further into Brexit end of this week, volatility is expected to remain elevated and it may be more prudent to focus on the shorter-term move”.