GBP/USD sticks to the rangebound theme for now – UOB

FX Strategists at UOB Group keep the neutral stance on Cable, expecting it to remain sidelined between 1.2800 and 1.3010.

Key Quotes

“The strong surge that took GBP to an overnight high of 1.2940 was unexpected. Despite the pullback from the top, the undertone for this pair is still positive even though any up-move is expected to face solid resistance 1.2955. Support is at 1.2880 followed by 1.2850”.

“GBP closed largely unchanged last Friday and there is no change to our current neutral stance. The current movement is viewed as the early stages of a consolidation phase and this pair is expected to trade between 1.2800 and 1.3010 for now”.