Pound Sterling (GBP) could trade in a range of 1.3270/1.3345. In the longer run, GBP is likely to trade in a 1.3140/1.3405 range, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Current price movements are part of a range trading phase
24-HOUR VIEW: "In the early Asian session yesterday, we stated that 'the current price action is non-trending.' We also stated that GBP 'is likely to trade in a range between 1.3220 and 1.3320.' However, GBP traded in a narrower range of 1.3262/1.3319, closing at 1.3307, higher by 0.36%. The current price movements still appear to be non-trending. However, the firmer underlying tone suggests GBP could trade in a higher range of 1.3270/1.3345 today."
1-3 WEEKS VIEW: "In our most recent narrative from two days ago (14 May, spot at 1.3300), we highlighted that 'the recent buildup in downward momentum has faded.' We added, 'The current price movements are part of a range trading phase, and GBP is likely to trade in a 1.3140/1.3405 range for now.' Our view remains unchanged."
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