According to the observation of the strategists in the currency of the UOB Group, the pair GBP/USD is still positioned to perform a test to the area of 1.2615 in the next few weeks.
«The current consolidation phase appears incomplete and it is expected that the GBP can continue to operate in the lateral direction by now. That said, the bias is immediately for a test the upper limit of the expected consolidation range between 1.2500/1.2575».
«Despite the decrease in the upward momentum, the current rebound from the minimum of 1.2365 still seems to have scope to move above 1.2615. Only a break below 1.2460 would indicate that the upward pressure has dropped (and the beginning of a phase of consolidation)».