GBP/USD faces extra rangebound within 1.2900-1.3120 – UOB

Pablo Piovano FXStreet

Cable is now forecasted to navigate within the 1.2900-1.3120 range in the next weeks, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “Our view for GBP yesterday to ‘dip below 1.2990’ was incorrect as it dropped to 1.3001, rebounded strongly to a high of 1.3079 before easing off to close at 1.3047 (+0.19%). The choppy price actions have resulted in a mixed outlook and for today, GBP is likely to trade between 1.2990 and 1.3080.”

Next 1-3 weeks: “We highlighted yesterday (26 Oct, spot at 1.3050) that ‘upward momentum is beginning to ease’ and added, ‘GBP has to move and stay above 1.3120 within these 1 to 2 days or the odds for further GBP strength would diminish quickly’. GBP subsequently came close to breaching our ‘strong support’ level at 1.2990 (low of 1.2993) and closed on a soft note at 1.3022 (-0.13%). Upward momentum has deteriorated further and further GBP appears unlikely. GBP is more likely to consolidate and trade between 1.2900 and 1.3120 for now.”

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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