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FX Strategists at UOB Group see Cable extending the sideline theme in the next weeks.

Key Quotes

24-hour view: “Expectation for GBP to dip below 1.3090 did not materialize as it traded sideways instead. Indicators are mostly neutral and further range trading is expected for today, likely within a 1.3095/1.3150 range”.

Next 1-3 weeks: “GBP closed unchanged in NY yesterday at 1.3126 (0%) and there is really not much to add. Indicators remain ‘flat’ and we continue to hold a neutral stance and expect GBP to trade sideways for a while more, likely within a 1.3010/1.3220 range”.