GBP/USD bullishness losing momentum – UOB

According to FX Strategists at UOB Group, further gains in Cable appear unlikely in the next 1-3 weeks.

Key Quotes

“While GBP moved above the immediate target of 1.2650 last Thursday (high of 1.2674), it surrendered most of its gains over the past couple of days”.

“The odds for further GBP strength have diminished considerably but only a move below 1.2420 would indicate that a short-term top is in place. In the meanwhile, those who are still long should consider taking profit on any bounce to 1.2580”.