GBP/USD further downside less likely – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group now expect Cable’s downside impulse to diminish in the near term.

Key Quotes

“GBP traded in a narrower and higher range than expected. The outlook remains mixed and further range trading is expected, likely between 1.2730 and 1.2800”.

“GBP traded in a relatively muted manner and closed largely unchanged last Friday. Downward momentum has waned further and this does not bode well for our current bearish view. Unless there is a sustained move below 1.2730 within these few days, a move above the stop-loss at 1.2820 would not be surprising. To put it another ways, the prospect for further GBP weakness has diminished”.

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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