GBP/USD back to neutral stance – UOB

Cable’s perspective is now neutral, expected to rangebound between 1.2870 and 1.3060 in the next weeks, according to FX Strategists at UOB Group.

Key Quotes

“GBP traded mostly sideways last Friday between 1.2955 and 1.3020. The movement is viewed as a consolidation phase and this pair is expected to continue to trade sideways for now, likely between 1.2960 and 1.3025”.

“We just adopted a neutral stance on GBP last Friday and there is no change to the view. The current price action is viewed as part of a consolidation phase and this pair is expected to trade sideways between 1.2870 and 1.3060. The immediate bias appears to be tilted to the downside but any weakness is unlikely to seriously threaten the 1.2870 support”.