GBP/USD sticks to the consolidative mood so far – UOB

Pablo Piovano FXStreet

In the opinion of FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang, GBP/USD is still seen within the 1.2165-1.2380 range in the short term.

Key Quotes

24-hour view: “We highlighted that GBP ‘could continue to range trade, the slightly firmed underlying tone suggests a higher range of 1.2245/1.2335’. GBP subsequently traded between 1.2239 and 1.2331 before closing largely unchanged at 1.2265 (-0.07%). Further range-trading would not be surprising, likely within a range of 1.2235/1.2330.”

Next 1-3 weeks: “We have held the same view since early last week where the outlook for GBP is mixed and we expect GBP to range-trade. There is no change in our view for now even though a 1.2165/1.2380 range (vs 1.2130/1.2380 previously) is likely enough to contain the price actions in GBP, at least within these few days.”

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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