GBP/USD seen between 1.23 and 1.26 near term – UOB

In the short term, Cable should stick to the consolidative range between 1.2300 and 1.2600 in the next 1-3 weeks.

Key Quotes

“GBP extended it rebound but the up-move was checked by the strong 1.2510/15 resistance (high of 1.2495). Despite the pull-back from the high, the undertone is still positive and another attempt towards 1.2510/15 seem likely even though based on the current momentum, a sustained move above this level is not expected. Support is at 1.2410 followed by the stronger level near 1.2380”.

“There is not much to add as GBP traded in a choppy manner over the last few days. We maintain our neutral view for this pair and expect further range trading, likely within a 1.2300/1.2600 range”.

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