GBP/USD to target June high at 1.2810 – OCBC

GBP/USD recedes to 1.2715 on Wednesday but the cable is supported by BoE’s Haldane economic outlook. Terence Wu, an FX strategist at OCBC Bank, expects the pair to target the 1.2810 June high in the next few days.

Key quotes

“BoE’s Haldane put in a bullish outlook for the UK economy, calling the V-shaped recovery to persist. This helps the broader sentiment around the GBP, but the greater driver is still the broad USD malaise.”

“The cable may target the June high at 1.2810/20 in the coming sessions, while support enters at 1.2600 for now.”