Morgan Stanley: buy GBP/USD
Morgan Stanley turned bullish on cable and opened a buy limit order at $1.6050, with a target at $1.6300 and a stop at $1.5980. Strategists exited its short GBP/USD position from $1.6060 on a small loss at $1.6100.
"Given the relative growth performance of the UK, we now expect some further near-term support for GBP. While this is likely to be emphasised on the crosses, there is potential for GBP/USD to move higher in the near term. Hence, we recommend a cautious near-term tactical GBP/USD long ," Morgan Stanley clarifies.
Chart. Daily GBP/USD