Derived Data That Drive Results
First appeared on eFXplus on Nov 26 - 08:28 AM
UOB Research discusses GBP/USD technical outlook and sees a scope for range trading between 1.3012 and 1.2770 for while longer.
"While GBP dropped sharply last Friday (22 Nov), it rebounded strongly and recovered most of its loss yesterday (1.2898, +0.49%). Indicators are showing mixed signals and from a slightly longer-term perspective, the price action since last month’s 1.3012 peak could be part of a broad and prolonged sideway consolidation phase (note that we previously expected GBP to stay underpinned but held the view that a move above 1.3012 is unlikely)," UOB notes.
"To put it another way, GBP could trade between 1.3012 and the month-to-date low near 1.2770 for a while more," UOB adds.
Source:
UOB Research/Market Commentary
