Cable is seen extending the sideline theme for the time being, noted FX Strategists at UOB Group.
24-hour view: “Expectation for GBP to “edge above 1.2580” did not materialize as it slipped to a low of 1.2476 before recovering. Mixed momentum indicators suggest the current movement is part of a consolidation phase. In other words, GBP is expected to trade sideways for today, likely between 1.2460 and 1.2550”.
Next 1-3 weeks: “There is not much to add to last Friday’s (18 Jul, spot at 1.2540) update. As highlighted, while last Tuesday’s low of 1.2382 could be a short-term bottom, it is too early to expect a sustained rebound. However, the underlying tone is on the positive side and this could lead to GBP testing the top of the expected sideway trading range of 1.2430/1.2640 first”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.