GBP/USD has been trading in a 1.2300/1.2610 range. What is the technical outlook for the pair in the near term?
Here is their view, courtesy of eFXdata:
UOB Research discusses GBP/USD technical outlook and sees the pair contained in a 3-big figures range in the near-term.
“GBP could move lower but any weakness is viewed as part of 1.2300/1.2610 range. There is no change to our view from last Thursday (16 Apr, spot at 1.2500). As highlighted, the 1.2648 high posted on 14 Apr is deemed as a short-term top,” UOB notes.
“For now, it is too early to expect a sustained decline in GBP. While GBP could move lower from here, any weakness is viewed as part of 1.2300/1.2610 range. In other words, GBP is unlikely to move clearly below 1.2300,” UOB adds.
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