GBP/USD expected to maintain the consolidative mood – UOB

GBP/USD is still seen trading within the 1.2640-1.2830 range for the time being, suggest UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.

Key Quotes

24-hour view: GBP closed little changed last Friday (1.2736, -0.09%). There is no clear directional bias and GBP is likely to trade sideways. Expected range for today, 1.2700/1.2775. 

Next 1-3 weeks: GBP traded mostly sideways over the past week. The price movements appear to be part of a consolidation phase. From here, GBP could continue to trade sideways, likely between 1.2640 and 1.2830.