GBP/USD likely between 1.2830/1.3000 – UOB

FX Strategists at UOB Group sees Cable navigating within 1.2830 and 1.3000 in the next weeks.

Key Quotes

“We indicated yesterday that “a temporary bottom is in place even though any extension higher is likely limited to 1.2930”. GBP briefly touched a high of 1.2940 before easing off quickly. Upward momentum has fizzled out and the current movement is viewed as part of a consolidation phase. In other words, expect sideway trading for today, likely between 1.2875 and 1.2950”.

“There Is not much to add as GBP traded in a relatively narrow range of 1.2881/1.2940 yesterday. We continue to hold a neutral stance and expect GBP to trade in a 1.2830/1.3000 consolidation range”.