GBP/USD sticks to the rangebound pattern near term – UOB
GBP/USD sticks to the rangebound pattern near term – UOBCable is expected to keep the sideline theme in the next 1-3 weeks, likely between 1.2800 and 1.2975.
“While GBP extended its up-move as expected, the ease of which the strong 1.2930 resistance was breached comes as a surprise (overnight high of 1.2955). Upward momentum has improved considerably and the immediate pressure is still clearly on the upside. That said, 1.2975 is another strong resistance and this level may not yield as easily (next resistance is at 1.3000). Support is at 1.2915 but the stronger support is at 1.2880”.
“The rebound from the Wednesday (12 Jul) low of 1.2812 is more resilient than expected. While the current price is still holding below the top end of the expected 1.2800/1.2975 sideway trading range, improved upward momentum suggests that a move above 1.2975 would not be surprising. That said, GBP has to move clearly above 1.3000 to indicate that it has moved into a bullish phase again. In the meanwhile, this pair is expected to stay supported in the next few days as long as the key level at 1.2880 is intact”.
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