The Pound Sterling (GBP) is forecast to trade within the 1.2625 to 1.2705 range in the short term, as UOB Group’s FX analysts, Quek Ser Leang and Lee Sue Ann, note a broader trend of weakening for the currency in the longer run, with a potential drop to 1.2565.
In the past 24 hours, GBP showed some volatility. After a sharp drop to 1.2598 last Friday, the currency rebounded on Monday from 1.2614 to 1.2686, ultimately closing at 1.2679, marking a 0.48% increase. This price action suggests GBP is currently in a range-trading phase. For today, analysts expect GBP to fluctuate between 1.2625 and 1.2705.
Looking ahead, UOB analysts predict that GBP will likely continue its downward trajectory, with a target of 1.2565. While the recent rebound has slowed the momentum, the weakness observed since last week is expected to persist unless GBP breaks above the strong resistance at 1.2745.
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