GBP/USD: Room for further consolidation

GBP/USD is still seen navigating within the 1.2640-1.2830 range in the next weeks, according to Markets Strategist Quek Ser Leang and Senior FX Strat

is still seen navigating within the 1.2640-1.2830 range in the next weeks, according to Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group.24-hour view: We noted yesterday that “There is no clear directional bias” and we expected GBP to trade sideways in a range of 1.2700/1.2775. GBP then traded in a narrower range than expected . There is a slight increase in upward momentum, and there is room for GBP to edge above 1.2790.

Next 1-3 weeks: We continue to hold the same view as yesterday . As highlighted, the price actions in GBP over the past week or so appears to be part of a consolidation phase. For the time being, GBP could continue to trade sideways, likely between 1.2640 and 1.2830. Information on these pages contains forward-looking statements that involve risks and uncertainties.

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