GBP/USD shifts to a bullish trajectory as UOB analysts report a strong rebound, signaling a potential move toward higher resistance levels following the invalidation of recent downside risks.
UOB strategists have shifted their outlook on GBP/USD following a strong rebound from recent lows, which effectively invalidated the previous bearish bias. The pair is now anticipated to experience a gradual upward trend toward nearby resistance levels, provided that current support remains intact.
The outlook has shifted to a gradual upward grind toward resistance levels.
A decisive break of initial resistance caps is required for the pair to target higher levels.
The British Pound has staged a strong recovery against the US Dollar, prompting UOB strategists to abandon their previous bearish stance. Analysts now anticipate a gradual grind higher toward key resistance levels, provided the currency pair maintains its current support floor.
The outlook shifted because the pair rebounded strongly from recent lows, which invalidated the previous technical bias that favored further downside.