GBP/USD keeps the rangebound stance unchanged – UOB

GBP/USD keeps its neutral bias intact for the time being, navigating with the 1.2300/1.2600 range.

Key Quotes

“GBP traded in a range as expected even though the weak daily closing has resulted in a negative undertone. From here, allow for a bounce to 1.2435 but 1.2480 is expected to cap for a move lower to test last week’s low near 1.2350/55”.

“While there is no change to the current neutral outlook for GBP, the shorter term undertone has turned negative and the immediate pressure is on the downside. That said, any decline is expected to encounter solid support at 1.2300. Overall, this pair is expected to stay under pressure unless it can move back above 1.2500 within the next 1 to 2 days”.

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