More GBP/USD corrective setback says Morgan Stanley but still views this as a near-term buying opportunity. "Although we are becoming increasingly negative regarding the longer-term outlook for GBP, we believe that support from a broader US-led risk recovery will provide near-term support for GBP/USD," says MS. Notes that despite the current weakness of UK data, services PMI and further housing market data due on Wednesday, GBP will likely be guided by the broader investment environment. Uncertainty in Europe could also provide some near-term safe-haven related GBP support, it adds. GBP/USD currently trades at 1.6180.
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