GBP/USD sticks to the neutral stance – UOB

In view of FX Strategists at UOB Group, Cable’s outlook remains neutral and it is expected to navigate between 1.2400 and 1.2730.

Key Quotes

“In line with expectation, GBP extended its decline but the down-move was checked by the strong support near 1.2410/15 (overnight low has been 1.2427). The lackluster recovery from the low appears to have room to extend higher but any up-move is expected to struggle to move above 1.2510 (next resistance at 1.2550)”.

“GBP traded in a rather tight 77 pips range yesterday (between 1.2427 and 1.2504), the narrowest daily range in more than a month. The listless trading is in line with the neutral outlook and at this stage, we continue to hold the view that GBP is trading within a broad 1.2400/1.2730 range”.