The Pound Sterling (GBP) is likely to trade in a range of 1.2650/1.2700.
The Pound Sterling is likely to trade in a range of 1.2650/1.2700. Slowdown in momentum suggests a slim chance of GBP weakening to 1.2600. A breach of 1.2705 to signal GBP is stabilised 24-HOUR VIEW: “On Monday, GBP rebounded to a high of 1.2698. Yesterday , we indicated that ‘the robust rebound appears to be overextended, and instead of rising further, GBP is more likely to trade in a range today, probably between 1.2650 and 1.2705.
’ Our view of rangetrading was not wrong, even though GBP traded in a narrower range of 1.2670/1.2702. GBP closed largely unchanged at 1.2686 . Further range-trading seems likely today, probably in a range of 1.2650/1.2700.” 1-3 WEEKS VIEW: “We have held a negative view in GBP since early last week. After GBP rebounded two days ago, we highlighted yesterday that ‘the slowdown in momentum suggests a slim chance of GBP weakening to 1.2600.’ We continue to hold the same view.
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