Recommendations of UOB for the pound

The pound remains bearish with the potential for a possible test of 1.20, according to currency strategists at UOB. They say that the pound has been pushed down to the support at 1.2100 and reached 1.2038, having previously turned to growth, to test the strong resistance at 1.2250 (maximum 1.2273), analysts say.
The upward movement seems to be underway and while testing again 1.2270/75 will not cause surprise, the next major resistance at 1.2300 is likely to hold the attack of bulls, analysts say.
Earlier, the pound has broken through the strong support at 1.2085/90 (minimum 1.2038) but the downward movement was quickly replaced by recovery. While the level of 1.2290 remains intact, another wave down to 1.2000 can not be excluded, they added. Those who have short positions should consider partial profit taking near 1.2005/10, write experts.