The British Pound (GBP) is expected to continue trading in a range, probably between 1.2190 and 1.2280. Long-term, GBP weakness has stabilized; it is likely to trade in a range between 1.2130 and 1.2390, note UOB Group FX analysts Quek Ser Leang and Peter Chia.
Probably trading in a range between 1.2130 and 1.2390
24 HOUR VIEW: “We indicated yesterday that the GBP ‘could trade in a range, probably between 1.2180 and 1.2290.’ Subsequently, GBP traded in a range of 1.2173/1.2260, closing little changed at 1.2239 (-0.04%). The price action provides no new clues, and we continue to expect GBP to trade in a range, probably between 1.2190. and 1.2280.”
1-3 WEEK OUTLOOK: “We revised our view on the GBP to neutral yesterday (Jan 16, pair at 1.2240), indicating that the recent ‘weakness has stabilized.’ We indicate that the GBP ‘is likely to trade in a range between 1.2130 and 1.2390.’ We continue to maintain the same vision.”
Source: Fx Street
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