GBP/USD clings to the range bound theme – UOB

Cable is predicted to navigate within the 1.3050-1.3250 range in the next weeks, noted FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.

Key Quotes

24-hour view: “Our expectations for GBP to ‘trade sideways’ last Friday were incorrect as it dropped to 1.3087 before settling at 1.3115 (-0.22%). Downward momentum has improved a tad and the bias for today is on the downside. However, any weakness is not expected to challenge the major support at 1.3050 (there is another support at 1.3075). Resistance is at 1.3125 followed by 1.3150.”

Next 1-3 weeks: “There is not much to add to our update from last Thursday (31 Mar, spot at 1.3140). As highlighted, GBP is likely to trade between 1.3050 and 1.3250 for now.”