GBP/USD stuck within choppy trade – UOB

Analysts at UOB Group see GBP/USD extending its consolidative pattern in the next 1-3 weeks.

Key Quotes

“While the undertone for GBP is positive, the current price action suggests that this pair is still caught in a broad consolidation range”.

“From here, a retest of last Friday’s high near 1.4240/45 would not be surprising but a sustained move above this level is unlikely (next resistance is at 1.4300)”.

“There is not much to add as GBP continues to trade in an erratic manner. The outlook is still neutral and we continue to expect this pair to trade in a broad 1.4000/1.4350 range for now.