GBP/USD poised to extend the sideline theme – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group noted Cable remains well within the consolidative theme, likely between 1.2350 and 1.2600.

Key Quotes

“The anticipated GBP weakness exceeded our expectation by breaking below the strong 1.2400 support to touch a low of 1.2384. The strong bounce from the low suggests that a short-term bottom is in place. From here, allow for a dip to 1.2430 but 1.2380 is expected to hold for a move higher to 1.2530”.

“GBP continues to trade in a choppy manner and the current neutral phase is still clearly intact. Indicators are mostly ‘flat’ which suggest further range trading for now, likely between 1.2350 and 1.2600”.

Sell 18%

Buy 82%

Avg Sell Price 1.2429

Avg Buy Price 1.2410

Liquidity Distribution

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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