GBP/USD now faces further rangebound – UOB

In opinion of FX Strategists at UOB Group, Cable is seen navigating within the 1.2470-1.2700 range in the next weeks.

Key Quotes

24-hour view: “GBP dipped to 1.2512 last Friday before rebounding strongly to a high of 1.2574. The registered range was much narrower than our expected range of 1.2525/1.2630. The price action offers no fresh clues and GBP could continue to trade sideways, expected to be between 1.2505 and 1.2595.”

Next 1-3 weeks: “GBP traded in a relatively quiet manner over the past couple of days and there is not much to add to our latest narrative from last Thursday (16 Jul, spot at 1.2590) wherein GBP is likely to trade sideways within a broad 1.2470/1.2700 range.”