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Morgan Stanley: GBP/USD targets $1.5860

Morgan Stanley opened a SELL LIMIT order on GBP/USD from $1.6270 with a target of $1.5860 and a stop at $1.6350.

"GBPUSD is set to come under further downward pressure, and we look for a decline to extend the major downtrend," analysts forecast. "Some political uncertainty has also started to build in the UK and so could pose a risk going into the elections next year. We will be watching the PMI releases in particular this week". 

From the technical viewpoint, MS believes a move below $1.6165 will extend the downside towards $1.6050. In the medium term, they maintain a target of $1.5860.

Chart. Daily GBP/USD


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