Cable is expected to trade between 1.3800 and 1.4000 in the next weeks, suggested FX Strategists at UOB Group.
Key Quotes
24-hour view: “Yesterday, we expected GBP to ‘trade sideways within a 1.3870/1.3940 range’. GBP subsequently whipsawed between 1.3859 and 1.3942 before settling at 1.3891 (-0.14%). The rapid swings have resulted in a mixed outlook. For today, GBP could continue to trade in a choppy manner, likely between 1.3840 and 1.3950.”
Next 1-3 weeks: “There is not much to add to our update from Tuesday (04 May, spot at 1.3905). As highlighted, the recent rapid swings have resulted in a mixed outlook and GBP is likely to trade between 1.3800 and 1.4000 for now.”
