FXStreet – The UOB Group team of Analysts explained that the GBP/USD in the Range of 1,2800-1,3010 in the short term, neutral.
“While the GBP extending its weakness for the 1,2775 target (Deep in 1,2770), was the subsequently strong recovery is clearly unexpected. The gains seem to be exaggerated, and yet a Test of the night highs can not be ruled out of 1,2921. Oer 1,2950 resistance is likely to avoid strong enough to support further GBP strength.”
“The bearish Phase which began last Friday (Pair at 1.2900) ended because of the Stop-Loss of 1,2910 (was broken in 1,2921). The target for partial profits at 1.2755/60 was not reached (Low 1,2770). The current movement looks like the beginning of a consolidation phase and is expected to have a GBP sideways trading is likely in the Range of 1,2800/1,3010. The GBP should fall under 1,2755/60, so this is the beginning of a new bearish Phase.”
** FXStreet News Editorial, FXStreet**