GBP/USD sticks to the neutral theme – UOB

FX Strategists at UOB Group noted Cable is expected to hold its rangebound pattern in the near term.

Key Quotes

“GBP exceeded the 1.2510/15 resistance but the up-move was short-lived. The sharp drop from the high of 1.2532 appears to have scope to extend lower but at this stage, any down-move is expected to find solid support near 1.2360. Resistance is at 1.2440 followed by 1.2480”.

“GBP has been trading in a choppy manner over the last several days and at this stage, there is no early indication that the current neutral phase is about to end soon. In other words, we continue to expect a 1.2300/1.2600 range for now”.