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In opinion of FX Strategists at UOB Group, Cable’s stance remains tilted to the downside amidst a broader 1.3580-1.3760 range.

Key Quotes

24-hour view: “GBP traded between 1.3620 and 1.3683 yesterday, narrower than our expected range of 1.3630/1.3710. The price actions offer no fresh clues and GBP could continue to trade sideways for now, likely between 1.3620 and 1.3685.”

Next 1-3 weeks: “GBP traded sideways to slightly lower over the past couple of days. The movement is in line with our view from last Thursday (28 Jan, spot at 1.3665) where we highlighted that ‘the bias is tilted to the downside but any weakness is viewed as part of a 1.3580/1.3760 range’. That said, shorter-term downward momentum has slowed somewhat and 1.3580 may not come into the picture. Overall, only a clear break below 1.3580 or above 1.3760 would indicate that GBP is ready for a sustained directional move.”