GBP/USD keeps the bearish note unchanged – UOB

FX Strategists at UOB Group keep the bearish stance on Cable in the near term.

Key Quotes

“We indicated yesterday that “any weakness is expected to be at a slower pace and likely limited to a test of the next support at 1.2580”. However, GBP only managed to touch a low of 1.2589 before rocketing to hit a high of 1.2710”.

“The choppy price action has resulted in a mixed outlook and this pair is expected to trade within a broad sideway range for now, likely between 1.2635 and 1.2720”.