FX Strategists at UOB Group noted Cable is now expected to navigate between 1.3750 and 1.3950 in the next weeks.
Key Quotes
24-hour view: “Our expectation for GBP to ‘decline further’ last Friday did not materialize as it traded sideways between 1.3836 and 1.3895. Further sideway-trading would not be surprising even though the firmed underlying tone suggests a higher trading range of 1.3850/1.3925.”
Next 1-3 weeks: “There is not much to add to our update from last Friday (23 Apr, spot at 1.3845). As highlighted, the recent GBP strength has come to an end and the current movement is viewed as part of a consolidation phase. In other words, GBP us expected to trade sideways for now, likely between 1.3750 and 1.3950.”
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