Ella 
UOB Group Economist Lee Sue Ann and Market Strategist Quek Ser Leang suggest that GBP/USD will remain trading in a consolidative range in the coming weeks.
Although GBP/USD rose to a high of 1.2739 yesterday, the upward momentum has not strengthened significantly. That said, GBP/USD has a chance to test 1.2555 before the risk of a pullback increases. The major resistance level at 1.2800 is not expected to be threatened. Support is at 1.2695, followed by 1.2670.
Outlook for the next 1-3 weeks: After falling to 1.2591 last Friday, GBP/USD has rebounded sharply in the past few days. The recent downward momentum has faded. The current price action may be part of a consolidation phase. For now, we expect GBP/USD to trade in the 1.2630/1.2800 range.
