GBP/USD rank trade between 1,2830 and 1,3000 – UOB

FXStreet – The Outlook remains for the Cable neutral and it is to be expected with a continuation of the consolidation between 1,2830 and 1,3000 to explain the UOB Group analysts.

Important Quotes

“The weakness of the GBP has exceeded our expectations, with the movement under 1,2880, while the Low has been formed at 1,2849. Despite the strong recovery from the Deep the basic sentiment remains weak, and a re-Test of the 1,2845/50 seems likely. In this Phase, we do not expect any sustainable move below this level (next support at 1,2830). Only a move back over 1,2935 is showing signs of stabilization (less resistance at 1,2910).”

“While yesterday we were of the view that the recent short-term proceeds upward trend in the Sands, so the Pullback resistance shows itself to be more capable than expected. The development of the price should stay between 1,2830 and 1,3000 and while the downside outweighs risk to the 1,2830 with a strong support and a corresponding counter-movement.”

** FXStreet News Editorial, FXStreet**

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