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According to FX Strategists at UOB Group, Cable is expected to navigate within the broad 1.2235/1.2460 range in the next weeks.

Key Quotes

24-hour view: “Instead of trading in a “volatile manner and within a wide range”, GBP traded in a relatively quiet manner between 1.2276 and 1.2357, much narrower than our expected range of 1.2265/1.2400. The rapid decrease in volatility has resulted in a mixed outlook and GBP could continue to trade sideways for today, likely between 1.2285 and 1.2365″.

Next 1-3 weeks: “GBP traded in a relatively quiet manner last Friday and registered an ‘inside day’ before closing little changed at 1.2333 (+0.03%). For now, there is no change to our view from early last Friday (04 Oct, spot at 1.2335) wherein the recent weak phase has stabilized and GBP is expected to trade sideways within a broad 1.2235/1.2460 range”.