The Pound Sterling (GBP) is expected to trade in a sideways range of 1.3065/1.3135. In the longer run, price action suggests further GBP weakness; the next major support at 1.3000 may not come into view so soon, UOB Group Quek Ser Leang and Peter Chia note.
Moving slowly towards 1.3065
24-HOUR VIEW: “We expected GBP to edge lower yesterday, but we held the view that ‘any decline is likely limited to a test of 1.3050.’ Our view did not materialise, as after dipping briefly to 1.3065 in London trade, GBP traded sideways for the rest of the sessions. Momentum indicators are turning flat. Today, we expect GBP to trade in a sideways range of 1.3065/1.3135.”
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