GBP/USD faces a mixed outlook – UOB

Pablo Piovano FXStreet

GBP/USD is seen navigating the 1.2040-1.2400 range in the next weeks, suggested FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.

Key Quotes

24-hour view: “We highlighted yesterday ‘the current price actions appear to be part of a consolidation phase’ and we expected GBP to ‘trade sideways within a range of 1.2150/1.2300’. Our view for sideway-trading was not wrong even though GBP traded within a much narrower range than expected (1.2201/1.2277). Further sideway-trading appears likely, expected to be within a range of 1.2190/1.2300.”

Next 1-3 weeks: “We continue to hold the same view as from yesterday (20 Jun, spot 1.2225). As highlighted, the recent sharp but short-lived swings have resulted in a mixed outlook and GBP could continue to trade in a choppy manner, likely between 1.2040 and 1.2400.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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