GBP/USD stays bearish, within 1.3065/1.3321 – UOB

In view of FX Strategists at UOB Group, Cable’s outlook remains bearish in the near term and it is expected to gravitate between 1.3065 and 1.3321.

Key Quotes

24-hour view: “Against our expectation for extension lower to 1.3165, GBP rebounded quickly after touching a low of 1.3189. The relatively strong recovery has room to retest the overnight high near 1.3280 but the next strong resistance at 1.3320 is likely out of reach. Support is at 1.3210 followed by the low near 1.3190”.

Next 1-3 weeks: “The outlook for GBP has shifted to neutral last week and the consolidation phase appears incomplete. Indicators are mostly ‘flat’ which suggest further range trading, likely within a 1.3065/1.3320 range”.