GBP/USD poised for further rangebound – UOB

In view of the research team at UOB Group, Cable could extend its current consolidative pattern in the next 1-3 weeks.

Key Quotes

“The sharp decline in GBP last Friday appears to be overextended and a sustained down-move is not expected. From here, a retest of the 1.3078/83 low seen last Friday would not be surprising, but 1.3020 is expected to hold for a rebound to 1.3170”.

“The choppy trading over the last several trading days has resulted in a mixed outlook for GBP. We continue to hold a neutral view and expect this pair to trade in a broad 1.2960/1.3320 range for now”.