Cable is now expected to consolidate within the 1.4100-1.4205 range in the next weeks, noted FX Strategists at UOB Group.
Key Quotes
24-hour view: “GBP dipped to 1.4122 yesterday before rebounding quickly and subsequently, traded sideways. Momentum indicators are neutral and for today, GBP is likely to trade between 1.4120 and 1.4185.”
Next 1-3 weeks: “The relatively choppy price actions late last week was followed by a rapid decrease in volatility as GBP traded in a quiet manner the past couple of days. The outlook is unclear and GBP is likely to trade between 1.4100 and 1.4205 for now.”