GBP/USD neutral, likely between 1.2640/1.2830 – UOB

FX Strategists at UOB Group stay neutral on Cable, expecting it to navigate within the 1.2640/1.2830 area in the near term.

Key Quotes

“While GBP touched a 1-week high of 1.2759 yesterday, the up-move is lacking in momentum and further sustained up-move is not expected. This pair is more likely to trade sideways for now, likely between 1.2690 and 1.2755”.

“GBP moved into neutral phase late last week when 1.2720 was taken out. The current movement is viewed as part of a neutral consolidation phase and we expect this pair to trade sideways within a broad 1.2640/1.2820 range for now”.