GBP/USD sideline pattern unchanged – UOB

According to the research team at UOB Group, the outlook for GBP/USD signals further consolidation in the near term, likely between 1.2980-1.3210.

Key Quotes

“GBP rose rapidly to a high of 1.3158 before dropping quickly to an overnight low of 1.3077. The subsequent price action has been choppy and the outlook remains mixed”.

“The neutral phase that started on Tuesday is still intact. GBP traded in a choppy manner yesterday and for the next one week or so, we continue to expect sideway trading within a broad range, likely between 1.2980 and 1.3210”.