GBP/USD attention to 1.4770 – UOB

According to analysts at UOB Group, Cable needs to close above the previous high at 1.4770 in order to shift its outlook to bullish.

Key Quotes

“GBP attempted to move clearly above the key 1.4770 resistance (high of 1.4788) but the up-move was quickly reversed”.

“As mentioned in recent updates, only a daily closing above 1.4770 would indicate that the current neutral outlook has shifted to bullish. In the meanwhile, volatility is expected to remain elevated but the undertone for this pair is viewed as ‘positive’ as long as the 1.4430 support is intact.”