GBP/USD: the upward recovery still seems incomplete, more rallying to come (UOB)

UOB believes that Tueday's upward move of the GBP/USD still seems incomplete and could expand more in the short term.

"While we noted recently that we were not sure if the recent decline in the GBP could be sustained, Tuesday's spectacular rally was not expected. From the current levels, the recovery seems unfinished and a continuation of the rise towards the resistance of the bearish trend line towards 1.2480 seems possible. Overall, we believe the GBP/USD should retain support in the coming days, with solid support around 1.2240." 

Source : http://www.uob.com.sg/private/en/products-research.html