GBP/USD rangebound between 1.4050-1.4450 – UOB

In view of the research team at UOB Group, the pair could extend its consolidative pattern in the next 1-3 weeks.

Key Quotes

“The break of the 1.4250 support last Friday indicates that the recent upward pressure has eased”.

“The price action was not surprising as we have highlighted that only a clear break above 1.4470 and more importantly last month’s peak of 1.4514 would indicate the start of mid-term rally”.

“For now, this pair has likely moved back into a 1.4050/1.4450 consolidation phase. To put it another way, there is no change to the current neutral outlook for GBP”.