GBP/USD still sideways - Lloyds Bank

Analysts from Lloyds Bank point out that the GBP/USD pair needs to move above 1.3125/35 to suggest a price correction toward 1.33.

Key Quotes:

“GBPUSD has bounced from important support in the 1.2950/40 region (ahead of the 1.2798 lows set on the 6th July). Intra-day studies are still unwinding from oversold, but a move through 1.3125/35 is needed to suggest this will be a price correction  towards channel resistance around 1.33. While under this interim resistance we may merely consolidate sideways.”

“A decline through 1.2950/40 would open the previous lows with little support below there till the 1.25 region.”