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FX Strategists at UOB Group expect Cable to remain sidelined in the 1.2900-1.3200 range in the near-term.

Key Quotes

24-hour view: “GBP traded between 1.3041 and 1.3104 before settling on a soft note at 1.3054 (-0.12%). The soft underlying tone suggests GBP could drift lower to 1.3025. The next support at 1.2990 is unlikely to come into the picture. Resistance is at 1.3085 followed by 1.3110.”

Next 1-3 weeks: “GBP popped to a high of 1.3120 last Friday (24 Jan) before dropping back quickly. The recent sharp but short-lived price actions have resulted in a mixed outlook. From here, GBP could continue to trade in an erratic manner within a 1.2900/1.3200 range.”