The Pound Sterling (GBP) is expected to continue trading within a narrow range, with UOB Group FX strategists predicting a consolidation phase. Current price movements suggest a sideways pattern between 1.2615 and 1.2680.
24-Hour View:
Yesterday, GBP briefly spiked to 1.2710 before retracing to close near 1.2651, indicating minimal upward momentum. The outlook remains for GBP to trade sideways, likely confined within the range of 1.2615 to 1.2680.
1-3 Weeks View:
Over the past two weeks, a negative bias has persisted for GBP. However, the breach above 1.2700 suggests a shift in weakening sentiment. The recent movement indicates a consolidation phase rather than further depreciation. GBP is anticipated to hover between 1.2600 and 1.2720 in the near term.
In summary, while GBP navigates through a consolidation period, staying within defined resistance and support levels, market participants will watch for clearer directional signals beyond the current range.
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