GBP/USD: No changes to the consolidative range – UOB

Pablo Piovano FXStreet

Further range bound is likely in GBP/USD for the time being, comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.

Key Quotes

24-hour view: We expected GBP to trade in a range between 1.2670 and 1.2740 yesterday. We did not anticipate the spike in volatility as GBP soared to 1.2780, plummeted to 1.2674, and then rebounded to close at 1.2740 (+0.30%). After the sharp but short-lived swings, the outlook for GBP is mixed. Today, GBP could continue to trade in a choppy manner, likely between 1.2680 and 1.2780.

Next 1-3 weeks: Our update from Wednesday (05 Jul, spot at 1.2715) is still valid. As highlighted, for the time being, GBP is likely to consolidate and trade in a range of 1.2630/1.2800.

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.

GBP/USD: Downward-sloping trendline near 1.3470 remains key barrier

The British pound faces selling pressure against its major currency peers, trading 0.1% lower at around 1.3420 against the US Dollar during the European trading session on Tuesday.

Euro clings to the bid bias above 1.1500

EUR/USD has picked up pace, reversing Monday’s decline and advancing past the 1.1500 barrier on Tuesday. In the meantime, hopes for a diplomatic solution to the Middle East crisis keep the US Dollar under modest downside pressure, helping spot in its recovery.

USD/INR: Indian Rupee sits at monthly highs below 95.00 after RBI's neutral hold

Indian Rupee is hanging close to its highest level in a month just above the 95.00 level against the US Dollar on Wednesday, holding gains after the Reserve Bank of India (RBI) held the Repo Rate at 5.25%, as expected, maintaining a neutral stance amid still-modest inflation.

Why the WTI sell-off may be hiding a supply warning

Prices for the barrel of the American Oil benchmark have fallen sharply as hopes of a US-Iran agreement have resurfaced, but a deeply backwardated Oil curve, tight Cushing stocks and light speculative positioning all warn that the sell-off may have gone too far.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.