Pound Sterling (GBP) might commerce in a variety of 1.3270/1.3345. Within the longer run, GBP is prone to commerce in a 1.3140/1.3405 vary, UOB Group’s FX analysts Quek Ser Leang and Peter Chia notice.
Present worth actions are a part of a variety buying and selling section
24-HOUR VIEW: “Within the early Asian session yesterday, we said that ‘the present worth motion is non-trending.’ We additionally said that GBP ‘is prone to commerce in a variety between 1.3220 and 1.3320.’ Nevertheless, GBP traded in a narrower vary of 1.3262/1.3319, closing at 1.3307, increased by 0.36%. The present worth actions nonetheless look like non-trending. Nevertheless, the firmer underlying tone suggests GBP might commerce in the next vary of 1.3270/1.3345 at this time.”
1-3 WEEKS VIEW: “In our most up-to-date narrative from two days in the past (14 Might, spot at 1.3300), we highlighted that ‘the current buildup in downward momentum has light.’ We added, ‘The present worth actions are a part of a variety buying and selling section, and GBP is prone to commerce in a 1.3140/1.3405 vary for now.’ Our view stays unchanged.”
