The Pound Sterling (GBP) is likely to trade in a sideways range of 1.2770/1.2820.
The Pound Sterling is likely to trade in a sideways range of 1.2770/1.2820. Risk for GBP remains on the upside; the level to watch is 1.2860, UOB Group FX strategists Quek Ser Leang and Peter Chia note. The level to watch is 1.2860 24-HOUR VIEW: “Two days ago, GBP rose to 1.2846 and then pulled back. Yesterday, we highlighted that ‘conditions remain overbought; this, combined with signs of slowing momentum suggests GBP is unlikely to strengthen further.
’ We were of the view that GBP ‘is more likely to trade in sideways range of 1.2780/1.2840.’ Our view of sideways trading was not wrong, even though GBP traded in a narrower range of 1.2778/1.2821. Further sideways trading seems likely. However, the slightly softened underlying tone suggests a lower range of 1.2770/1.2820.” 1-3 WEEKS VIEW: “Our update from Monday is still valid. As indicated, the risk for GBP remains on the upside, and the level to watch is 1.2860.
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