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In opinion of FX Strategists at UOB Group, Cable is seen navigating within the 1.3800-1.4000 range in the next weeks.

Key Quotes

24-hour view: “We highlighted yesterday that ‘despite the strong bounce, upward momentum has not improved by as much’. However, our expectation for GBP to ‘edge higher’ was incorrect as it dropped to 1.3840 before rebounding quickly. The choppy price actions have resulted in a mixed outlook. For today, GBP could trade within a relatively broad range of 1.3845 and 1.3930.”

Next 1-3 weeks: “There is not much to add to our update from yesterday (04 May, spot at 1.3905). As highlighted, the recent rapid swings have resulted in a mixed outlook and GBP is likely to trade between 1.3800 and 1.4000 for now.”