GBP/USD further consolidation likely – UOB

In view of analysts at UOB Group, the pair could face a consolidative pattern in the next 1-3 weeks.

Key Quotes

“The 1.4390 support indicated yesterday held as GBP rebounded strongly from a low of 1.4406 (overnight high of 1.4529). The subsequent rapid pull-back from the top has resulted in a mixed outlook”.

“As mentioned in recent updates, the current movement is viewed as the early stages of a consolidation phase”.

“The choppy trading yesterday reinforces our view and we continue to expect sideway trading within a broad 1.4360/1.4550 range for now”