There has been no increase in either downward or upward momentum; Pound Sterling (GBP) is expected to trade in a 1.2920/1.2980 range. In the longer run, GBP is likely to consolidate between 1.2850 and 1.3015, albeit with a mild downward bias, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
GBP is likely to consolidate between 1.2850 and 1.3015
24-HOUR VIEW: “GBP traded between 1.2904 and 1.2966 yesterday, closing slightly higher by 0.17% at 1.2944. There has been no increase in either downward or upward momentum. Today, we expect GBP to trade in a range, most likely between 1.2920 and 1.2980.”
1-3 WEEKS VIEW: “GBP eased off after struggling to hold above 1.3015 last week. It appears to have entered a consolidation phase, likely trading between 1.2850 and 1.3015 for now, albeit with a mild downward bias.”