GBP/USD continues trading around 1.3100 amid an official request to extend Brexit once again. What’s next?
Here is their view, courtesy of eFXdata:
Bank of America Merrill Lynch Research discusses GBP/USD technical outlook and maintains a bullish bias, expressing that via holding a long position* from 1.3080.
“We conclude a bullish bias for GBP given multiple time frame charts favor higher GBP/USD, most weekly charts of GBP crosses have based and are in young upward sloping channels. According to a head and shoulders base, the GBP/USD rally from the December low could extend to 1.39-1.4285,” BofAML notes.
“Key to this view is a breakout > 1.3298-1.3363 resistance and remaining above 1.2770,” BofAML adds.
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