GBP/USD still bearish, supported at 1.2085/90 – UOB

Cable’s outlook remains in the bearish camp for the time being, with strong support in the 1.2085/90 band.

Key Quotes

“We turned bearish GBP yesterday but highlighted the less than favourable reward to risk ratio as the October’s low of 1.2085/90 is expected to offer solid support”.

“GBP dipped initially but rebounded quickly after hitting a low of 1.2107”.

“From here, as long as 1.2290 is intact, another attempt to move towards 1.2085/90 still seems likely. On a shorter-term note, 1.2250 is already a strong resistance”.