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Cable is expected to keep the consolidative mood unchanged in the next weeks, according to FX Strategists at UOB Group.

Key Quotes

24-hour view: “The quick bounce from a low of 1.2166 yesterday has resulted in an up-tick in momentum. While this could lead to a slightly higher GBP, any advance is viewed as part of a 1.2180/1.2240 range. In other words, a sustained rise above 1.2235 is not expected for today.”

Next 1-3 weeks: “GBP traded in a quiet manner over of the few days and there is not much to add to our update from last Wednesday (20 May, spot at 1.2260). As highlighted, GBP is trading in a consolidation phase even though a 1.2100/1.2320 range is likely enough to contain the price action in GBP for a while more (range narrowed from 1.2100/1.2400 previously).”