In opinion of FX Strategists at UOB Group, Cable is forecasted to extend the consolidative mood between 1.2845 and 1.3200 in the next weeks.
Key Quotes
24-hour view: “GBP soared briefly to a high of 1.3140, plunged to a low of o1.2915 before trading between these two levels for the rest of the sessions. The outlook is unclear and further choppy price actions would not be surprising. That said, volatility should ease and a 1.2900/1.3080 range may be enough to contain the movement in GBP for now.”
Next 1-3 weeks: “We continue to hold the same view from yesterday (04 Nov, spot at 1.3030) wherein the near-term outlook is clouded and GBP ‘could trade between the two major levels of 1.2845 and 1.3200’ for now. Unless there is further spike in volatility these few days, we should be able to narrow the expected range and have a clearer near-term view.”
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