GBP/USD sticks to the rangebound theme – UOB

GBP/USD should remain within its 1.2300/1.2600 range for the next couple of weeks, suggested strategists at UOB Group.

Key Quotes

“As highlighted yesterday, the current movement is viewed as part of a consolidation phase. GBP traded mostly sideways before ending the day lower by about 14 pips. The consolidation phase appears incomplete and further sideway trading is expected”.

“We just turned neutral on GBP yesterday and there is no change to the view. This is pair is expected to trade sideways for now, likely within a 1.2300/1.2600 range”.