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GBP/USD sticks to the consolidative view – UOB

Cable is expected to gravitate between 1.3080 and 1.3280 in the next 1-3 weeks, according to FX Strategists at UOB Group.

Key Quotes

24-hour view: “We highlighted yesterday that the up-move in GBP appears to be running ahead of itself but a “test of 1.3220 would not be surprising”. GBP rose to a high of 1.3227 but the up-move was short-lived. Despite the pullback from the high, the undertone has improved even though any advance from here is unlikely to move clearly beyond 1.3255 (1.3230 is already quite a strong resistance). Support is at 1.3180 but the stronger level is at 1.3155”.

Next 1-3 weeks: “GBP slipped to a low of 1.3087 last Friday but rebounded strongly and ended the day on a positive note. While the undertone has weakened somewhat, we continue to hold a neutral view for this pair. The current movement is viewed as part of a consolidation phase even though the immediate bias is for GBP to edge lower and test the bottom of the expected 1.3080/1.3280 consolidation range. At this stage, a sustained move below this level is not expected”.

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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