The Pound Sterling (GBP) is anticipated to trade within a range of 1.2780 to 1.2855. However, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann suggest that GBP may exceed this range and potentially rise to 1.2950.
Short-Term Forecast: The GBP did not achieve the expected break above 1.2900, instead fluctuating between 1.2812 and 1.2868 and closing at 1.2827, a 0.27% decline. The currency is currently in a sideways trading phase, with expectations to remain between 1.2780 and 1.2855 for the day.
Medium-Term Outlook: The forecast remains unchanged from August 14, with expectations that GBP could rebound further, potentially reaching 1.2950. A key resistance level is noted at 1.2900. If GBP falls below 1.2780, it would suggest that the currency is still in a trading range.
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