GBP/USD back in range – UOB
|FX Strategists at UOB Group keep the neutral stance on Cable for the near term.
Key Quotes
“GBP dipped below the 1.2405/10 support (low of 1.2402) before rebounding strongly to close on a strong note. The recovery appears to have scope to extend further but any up move is expected to face stiff resistance at 1.2530 (next resistance is at 1.2580)”.
“GBP tested the minor support at 1.2405 yesterday but rebounded strongly after hitting a low of 1.2402. The recent negative undertone has eased with the sharp bounce and this pair has likely moved into a 1.2400/1.2580 consolidation range. In other words, the overall neutral phase that started earlier this month is still intact”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.