GBP/USD neutral, still within a broad range – UOB

Cable is expected to extend the ongoing consolidative theme, all within the current neutral stance, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “GBP traded well within the wide range registered on Wednesday as it registered an ‘inside day’ with a range of 1.2897/1.2965. The immediate outlook remains unclear and further sideway trading seems likely for today, albeit likely at a lower range of 1.2870/1.2950”.

Next 1-3 weeks: “GBP registered an ‘inside day’ yesterday, which is not surprising after Wednesday’s (05 Sep) outsized range. As indicated, despite the sharp bounce in GBP, we are not convinced that GBP has moved into a bullish phase. The immediate outlook is clouded and we prefer to hold a neutral stance and expect GBP to trade sideways, likely within a broad 1.2800/1.3050 range”.