The Pound Sterling (GBP) Expected to Trade Sideways, Potential Move Above 1.2800
The Pound Sterling (GBP) has shown signs of stabilization after a period of weakness, with expectations of trading between 1.2700 and 1.2850. According to UOB Group FX strategists Quek Ser Leang and Peter Chia, GBP is likely to remain within the range of 1.2740 and 1.2800 in the near term.
In the 24-hour view, GBP experienced a slight increase, settling at 1.2766 after trading in a range of 1.2747/1.2794. Despite the lack of clear upward momentum, GBP is expected to continue trading sideways between 1.2740 and 1.2800.
Looking ahead to the next 1-3 weeks, GBP has shown signs of stabilization after a recent decline. With the resistance level at 1.2780 holding strong, the downward momentum has eased, reducing the likelihood of GBP dropping below 1.2665. The recent price action suggests that GBP has entered a range trading phase, with expectations of trading between 1.2700 and 1.2850.
Analysis: The Pound Sterling (GBP) is expected to trade within a narrow range of 1.2700 and 1.2850 in the near term, with a potential move above 1.2800. Traders and investors should monitor the key resistance level at 1.2780 for potential breakout opportunities. Stay tuned for further updates on GBP’s performance in the financial markets.