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Cable is still seen within the 1.2750-1.3000 range in the next weeks, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “GBP went on a rollercoaster ride yesterday as it plunged to 1.2819, snapped back to 1.2979 before dropping back down and ended the day at 1.2884 (-0.31%). The choppy swings have resulted in a mixed outlook and further volatile price actions would not be surprising. That said, yesterday’s broad range of 1.2819/1.2979 is likely enough to contain the movement in GBP.”

Next 1-3 weeks: “There is not much to add our latest update from Tuesday (29 Sep, spot at 1.2870). As highlighted, GBP is in a consolidation phase and is expected to trade between 1.2750 and 1.3000. While the shorter-term underlying tone has improved somewhat, it is premature to expect a sustained rise above 1.3000.”