GBP/USD still faces a mixed outlook – UOB

Pablo Piovano FXStreet

In the opinion of FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang, the outlook for GBP/USD remains mixed for the time being.

Key Quotes

24-hour view: “We highlighted yesterday that ‘the sharp swings have resulted in a mixed outlook and further choppy price actions are not ruled out’ and we expected GBP to ‘trade within a range of 1.2200/1.2310’. Our view for choppy trading was not wrong as GBP plunged to 1.2171, snapped up to 1.2294 before dropping back down to end the day little changed at 1.2262 (-0.03%). The outlook remains mixed and GBP could continue to trade in a choppy manner. Expected range for today, 1.2190/1.2305.”

Next 1-3 weeks: “We have held the same view since Monday (20 Jun, spot 1.2225) where the outlook is mixed and GBP could continue to trade in a choppy manner, likely between 1.2040 and 1.2400. Our view was not wrong as GBP traded in a choppy manner the last few days. The price actions offer no fresh clues and the outlook remains mixed. Only a break out of the expected range of 1.2130/1.2380 (narrowed from 1.2040/1.2400) would suggest a directional move is likely.”

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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