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Nov 07 - 11:00 AM
GBP/USD: Still In Sideways Phase But Likely To Probe Bottom Of Range First - UOB
First appeared on eFXplus on Nov 07 - 09:10 AM

UOB Research discusses GBP/USD technical outlook and adopts a neutral bias with a downside tilt in the near-term.

"Our view from last Tuesday (29 Oct, spot at 1.2855) wherein the 21 Oct peak of 1.3012 is a “short-term top” and GBP is “expected to trade sideways” still stands That said, after more than a week of trading sideways, the underlying tone has weakened and the risk has shifted slightly to the downside," UOB adds. 

"While the current price action is still viewed as a sideway-trading phase, GBP is likely to probe the bottom of the 1.2770/1.2930 range first (expected range adjusted from 1.2800/1.3000 previously)," UOB adds. 

Source:
UOB Research/Market Commentary

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