GBP/USD rangebound between 1.2960-1.3320 – UOB

Analysts at UOB Group expect GBP/USD to remain in a consolidative theme between 1.2960 and 1.3320 for the next weeks.

Key Quotes

“While we were of the view that the recent short-term upward momentum has fizzled out, the pull-back has been more resilient than expected”.

“From here, a move below the strong 1.3100 support would not be surprising but we continue to view the current movement as part of a broader neutral sideway consolidation and not a resumption of the recent bearish phase”.

“That said, the expected consolidation has shifted to a lower range of 1.2960/1.3320”.