The Pound Sterling (GBP) is expected to consolidate in a range of 1.2905/1.2955, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann notes.
Rangebound within 1.2905/1.2955
24-HOUR VIEW: “We indicated yesterday that ‘there is scope for GBP to rebound, but any advance is unlikely to reach 1.2980.’ We also indicated that ‘support levels are at 1.2920 and 1.2905.’ Our expectations did not materialise as GBP traded in a relatively quiet manner between 1.2905 and 1.2942, closing slightly higher at 1.2931 (+0.15%). The price action appears to be consolidative, and today, we expect GBP to trade in a range of 1.2905/1.2955.”
1-3 WEEKS VIEW: “We continue to hold the same view as last Friday (19 Jul, spot at 1.2950). As highlighted, the recent advance in GBP has come to an end. GBP appears to have entered a consolidation phase, and it is likely to trade between 1.2850 and 1.3020 for the time being.”
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