GBP/USD rangebound between 1.2830/1.3000 – UOB

FX Strategists at UOB Group sees Cable gravitating between 1.2830 and 1.3000 in the next weeks.

Key Quotes

“In line with expectation, GBP retested the 1.2845/50 support with a low of 1.2844. The strong bounce from the low suggests that a temporary bottom is in place even though any extension higher is likely limited to 1.2930 (next resistance at 1.2950)”.

“The strong support at 1.2830 was unthreatened as GBP rebounded after touching a low of 1.2844 last Friday. Despite the bounce, the undertone is on the weak side even though based on the current momentum, a clear break below the expected 1.2830/1.3000 consolidation range seems unlikely”.