FXStreet (Bali) - Niall O'Connor, FX Strategist at JP Morgan, notes that there are growing risks that a deeper corrective phase in GBP/USD can develop given the recent pullback.



Key Quotes



"While most USD pairs are in line with the short term view for some pause, the recent pullback in GBP/USD suggests a growing risk that a deeper corrective phase can develop consistent with the developing bullish view for the USD. Sustained breaks of the 1.6694/64 support zone will be key as this area includes the May low and the 200-day moving average. Violations would put the focus on the next important target zone near the 1.6467 March low."



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