GBP/USD within 1.2820-1.3030 range near term – UOB

Cable remains poised for a continuation of the sideline theme, likely between 1.2820 and 1.3030 in the short term, suggested FX Strategists at UOB Group.

Key Quotes

“We indicated yesterday that “the support at 1.2895 could be tested but a sustained move below this level is not expected”.

“GBP touched a low of 1.2894 before recovering quickly. A short-term low is likely in place and the recovery appears to have scope to extend higher”.

“That said, a sustained move above 1.2980 is not expected (minor resistance at 1.2960). Support is at 1.2910 but the stronger level is at 1.2890”.