Analysts from UOB Group, Quek Ser Leang and Lee Sue Ann, anticipate the Pound Sterling (GBP) to maintain a sideways trend between 1.2725 and 1.2775, but note an upward shift in risk. They highlight a notable resistance level at 1.2805.
In the short-term, GBP is expected to trade within the range of 1.2725 to 1.2775 following quiet movements between 1.2740 and 1.2764. This indicates a phase of sideways trading with potential for retesting higher levels.
Looking ahead over the next 1-3 weeks, analysts maintain a bullish outlook, emphasizing that GBP’s risk profile favors further upside movement. The key resistance levels to watch are at 1.2805 and potentially up to last month’s high of 1.2860. The support level at 1.2685 remains critical to sustain the positive bias, with strong support previously noted at 1.2665.
This analysis suggests that while GBP may consolidate in the near term, the overall sentiment points towards potential gains, contingent on holding above key support levels.
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