GBP/USD outlook shifted to neutral – UOB

GBP/USD’s outlook has shifted to neutral from bullish following the recent price action, suggested analysts at UOB Group.

Key Quotes

“The bullish phase that started last Friday has ended with the move back below 1.3300 yesterday (low of 1.3282)”.

“The current movement is viewed as a consolidation phase and GBP is expected to trade sideways, likely within a broad 1.3150/1.3450 range”.

“From a shorter-term perspective, the immediate bias is tilted to the downside but any decline is expected to slow and a clear break below 1.3150 is not expected at this stage. 1.3400 is a strong resistance ahead of the recent high near 1.3450”.