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GBP/USD has a bullish outlook - UOB

FXStreet (Guatemala) - Analysts at UOB Group offered a technical outlook for GBP/USD over a 1-3 week basis.

Key Quotes:

"Bullish: Further up-move is likely but has likely seen bulk of the GBP strength. The break of the strong 1.5560 resistance led to a rapid up-move that almost touched the key level of 1.5650 (overnight high of 1.5628).

While we have turned bullish, we are concerned that we may have seen a bulk of the current GBP strength. That said, as long as the stop-loss at 1.5460 is not taken out, a break above 1.5650 could still lead to a further appreciation to 1.5720 but at this stage, the odds for such a move appear to be rather low."

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