GBP/USD back to neutral stance – UOB
|Cable’s perspective is now neutral, expected to rangebound between 1.2870 and 1.3060 in the next weeks, according to FX Strategists at UOB Group.
Key Quotes
“GBP traded mostly sideways last Friday between 1.2955 and 1.3020. The movement is viewed as a consolidation phase and this pair is expected to continue to trade sideways for now, likely between 1.2960 and 1.3025”.
“We just adopted a neutral stance on GBP last Friday and there is no change to the view. The current price action is viewed as part of a consolidation phase and this pair is expected to trade sideways between 1.2870 and 1.3060. The immediate bias appears to be tilted to the downside but any weakness is unlikely to seriously threaten the 1.2870 support”.
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.