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Cable is forecasted to navigate between 1.2845 and 1.3200 in the next weeks, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “The sudden sharp surge in GBP that sent it to an overnight high of 1.3077 came as a surprise. GBP extended its gains this morning but has since retreated after touching a high of 1.3140. The volatile price actions have resulted in a mixed outlook and GBP could trade in a choppy manner and within a wide range, likely between 1.2920 and 1.3150.”

Next 1-3 weeks: “Our view for GBP to ‘gravitate towards 1.2845’ was invalidated as GBP rocketed past the ‘strong resistance’ level at 1.3030. The volatile price actions have clouded the near-term outlook and for now, GBP is expected to trade between the two major levels of 1.2845 and 1.3200.”