The Pound Sterling (GBP) is expected to trade sideways between 1.2740 and 1.2800.
The Pound Sterling is expected to trade sideways between 1.2740 and 1.2800. GBP weakness from late last month has stabilised; for the time being, it is expected to trade between 1.2700 and 1.2850, UOB Group FX strategists Quek Ser Leang and Peter Chia note. A move above 1.2800 is on the cards 24-HOUR VIEW: “Our view for GBP to drift lower yesterday was incorrect. Instead of drifting lower, it traded in a range of 1.2747/1.2794 before settling modestly higher at 1.2766 .
Today, we expect GBP to trade sideways, probably between 1.2740 and 1.2800.” 1-3 WEEKS VIEW: “We turned negative in GBP late last month . Last Thursday , GBP fell to a low of 1.2665 before rebounding. Yesterday , we indicated that ‘while our 'strong resistance’ level at 1.2780 has not been breached yet, downward momentum has eased considerably, and the chance of GBP dropping below 1.2665 is low.’ GBP then breached 1.2780, reaching a high of 1.2794.
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