GBP/USD still choppy between 1.2960 and 1.3320 – UOB

GBP/USD remains poised for further consolidation in the 1.2960-1.3320 range for the next weeks, suggested analysts at UOB Group.

Key Quotes

“The strong recovery in GBP yesterday was unexpected. The up-move appears to have to extend further towards the strong 1.3320 resistance but at this stage, a sustained move above this level is unlikely. Support is at 1.3200 but only a move back below 1.3140 would indicate that the upward pressure has eased”.

“GBP touched a low of 1.3065 yesterday but rebounded quickly. The outlook for this pair is still viewed as neutral and the current movement is likely part of a broader consolidation phase. In other, words, we continue to expect choppy trading within a broad 1.2960/1.3320 range”.