GBP/USD clings to the neutral perspective – UOB

FX Strategists at UOB Group expects Cable to keep the neutral stance in the near term, likely between 1.2830 and 1.3000.

Key Quotes

“GBP make another attempt to move above 1.3000 but retreated quickly from a high of 1.2988. The pull-back from the high appears to have scope to extend lower but a sustained drop below 1.2880 is not expected”.

“GBP tried but once again failed to move clearly above 1.3000 (high of 1.2988 yesterday). As noted in recent updates, GBP has to close above 1.3000 to indicate that it has moved into a bullish phase. Upward pressure has eased with the weak daily closing yesterday and this pair is likely caught in a 1.2830/1.3000 range for now”.