Flat momentum indicators suggest Pound Sterling (GBP) is likely to range-trade, expected to be between 1.3500 and 1.3570. In the longer run, the current price movements are likely part of a broad range between 1.3430 and 1.3595, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Current price movements are likely part of a broad range
24-HOUR VIEW: "Following Tuesday’s price action, we noted yesterday, Wednesday, that 'there has been a slight increase in downward momentum.' However, we were of the view that 'this is likely to lead to a lower range of 1.3485/1.3560 rather than a sustained decline.' The subsequent price movements did not turn out as we expected. GBP traded in a relatively narrow range of 1.3514/1.3567 before closing largely unchanged at 1.3530 (+0.03%). Flat momentum indicators suggest GBP is likely to range-trade today, expected to be between 1.3500 and 1.3570."
1-3 WEEKS VIEW: "Our update from Monday (08 Sep, spot at 1.3480) still stands. As highlighted, 'the current price movements are likely part of a broad range between 1.3430 and 1.3595'."
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