The Pound Sterling (GBP) is likely to trade in a range, probably between 1.2860 and 1.2950.
The Pound Sterling is likely to trade in a range, probably between 1.2860 and 1.2950. In the longer run, GBP must break and remain below 1.2845 before a sustained decline can be expected, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note. Below 1.2845 a sustained decline can be expected 24-HOUR VIEW: “Yesterday, GBP fell by 0.48%, closing at a 2-1/2-month low of 1.2899. The sharp drop appears to be overdone, and GBP is unlikely to weaken much further.
” 1-3 WEEKS VIEW: “We indicated on Wednesday that ‘While GBP is expected to trade in a 1.2950/1.3070 range for now, the slightly firm underlying tone suggests it will likely test the top of the range first.’ GBP subsequently rose to 1.3043, but in a sudden move yesterday, it plunged sharply to a low of 1.2845. While there has been a buildup in momentum, GBP must break and remain below 1.2845 before further sustained decline can be expected. The likelihood of GBP breaking clearly below 1.
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