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FX Strategists at UOB Group remain neutral on Cable while added that further consolidation is expected in the short-term horizon.

Key Quotes

24-hour view: “Expectation for a ‘dip below 1.3070’ did not pan out as GBP recovered from a low of 1.3082 and subsequently traded sideways. Indicators have turned ‘flat’ and further muted price action seems likely from here. Expected range for today; 1.3080/1.3150″.

Next 1-3 weeks: “There is not much to add as GBP traded within a tight 49 pips range last Friday, the narrowest 1-day range in two months. The quiet consolidation offers no fresh clue and we continue to hold a neutral stance and expect GBP to trade sideways from here, likely within a 1.3010/1.3220 range”.