The Pound Sterling (GBP) might commerce in a uneven and broad vary of 1.2900/1.3040. Within the longer run, in the intervening time, GBP is more likely to commerce in a 1.2900/1.3030 vary, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann notes.
GBP is more likely to commerce in a 1.2900/1.3030 vary
24-HOUR VIEW: “The sharp rise in GBP that despatched it to a excessive of 1.3043 was shocking (we had been anticipating vary buying and selling). GBP was unable to carry on to its good points, because it plunged at this time. The outlook is unclear after the huge fluctuations. Additional uneven buying and selling will not be dominated, seemingly inside a broad 1.2910/1.3040 vary.”
1-3 WEEKS VIEW: “Yesterday (05 Nov, spot at 1.2955), we identified that ‘the current buildup in downward momentum has pale.’ We count on GBP to ‘commerce in a 1.2900/1.3030 vary in the intervening time.’ Whereas GBP rose above 1.3030 (excessive of 1.3043), it plummeted from the excessive. The value motion offers no contemporary clues, and we proceed to count on GBP to commerce in a 1.2900/1.3030 vary.”
