GBP/USD Rangebound Between 1.4050-1.4450 – UOB
In view of the research team at UOB Group, the GBP/USDpair could extend its consolidative pattern in the next 1-3 weeks.
“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”.
(Market News Provided by FXstreet)