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FX Strategists at UOB Group suggested Cable should remain within a rangebound theme, likely between 1.3050 and 1.3250.

Key Quotes

24-hour view: “Instead of extending its rebound (as expected yesterday), GBP eased off quickly after touching a high of 1.3159. Indicators are mostly neutral now which suggests GBP is likely to trade sideways from here. Expected range for today; 1.3050/1.3140″.

Next 1-3 weeks: “While GBP broke the major 1.3040/50 support zone last week, the decline was short-lived as it staged a robust rebound after touching a low of 1.2958 last Thursday (19 Jul). The choppy price action has resulted in a mixed outlook and we continue to hold a neutral stance for now and expect GBP to continue to trade in a relatively volatile manner, likely within a broad 1.3050/1.3250 range”.