GBP/USD consolidation ahead?? – UOB Group

FXStreet (Edinburgh) - Market Strategists at UOB Group see the recent price action as a potential prologue for a broader consolidation scheme.

Key Quotes

“GBP peeked above the strong mid-term resistant at 1.6220 (high of 1.6226) before dropping sharply”.

“The price current price action is likely the early stages of a broad consolidation phase”.

“For today, expect sideway trading between 1.6080 and 1.6160”.