Likely to trade between 1.3430 and 1.3490 – UOB Group

GBP is likely to trade sideways between 1.3430 and 1.3490. In the longer run, momentum indicators are mostly flat; GBP is likely to trade in a range between 1.3400 and 1.3535, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

Momentum indicators are mostly flat

24-HOUR VIEW: “GBP swung between 1.3435 and 1.3502 last Friday, closing modestly lower at 1.3462, down by 0.10%. There has been no clear shift in directional momentum. Today, we expect GBP to trade sideways, most likely between 1.3430 and 1.3490.”

1-3 WEEKS VIEW: “While GBP rose to a high of 1.3533 late last month, it eased quickly from the high. Momentum indicators are mostly flat, and GBP is likely to trade in a range for now, most likely between 1.3400 and 1.3535.”