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GBP/USD trades at 1.2415 as of writing, in the 1.24-1.245 range noted by Terence Wu, FX strategist, at OCBC Bank who expects the cable to break below this range to look for the 1.2330 level.

Key quotes

“The GBP/USD consolidated between a narrow 1.2400 and 1.2450 range. We still prefer to stay short of this pair, expecting any bounces beyond 1.2450 to be rejected in favour of further tests of the 1.2400 handle.”

“Once 1.2400 is breached, the cable should target 1.2330/40 in the coming sessions.”