GBP/USD now seen between 1.3050 and 1.3250 – UOB

Cable entered a consolidative phase and is expected to trade within the 1.3050-1.3250 range in the next weeks, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “Our expectations for GBP to ‘test the resistance at 1.3195’ yesterday did not materialize as it traded between 1.3107 and 1.3176 before closing little changed at 1.3145 (+0.06%). Momentum is ‘flattish’ and GBP is likely to trade sideways for today, expected to be within a range of 1.3110/1.3185.”

Next 1-3 weeks: “There is not much to add to our update from yesterday (31 Mar, spot at 1.3140). As highlighted, GBP is likely to trade between 1.3050 and 1.3250 for now.”