GBP/USD faces further rangebound – UOB

The research team at UOB Group sees an extension of the consolidative theme in the next 1-3 weeks.

Key Quotes

“In line with expectation, the initial up-move in GBP did not move above 1.4620 (high of 1.4602). The rapid and sharp pull-back is pressuring the 1.4495/00 support and a breach of this level could lead to extension lower to 1.4465/70”.

“The extremely wild swings in recent days have resulted in a mixed outlook for GBP. We have held a neutral stance since the middle of last week and there is no change to view. Further choppy trading is still expected in the coming days, likely within a rather broad 1.4350/1.4730 range”.