Cable is now expected to consolidate within the 1.4100-1.4205 home in subsequent weeks, noted FX Strategists at UOB Group.
24-hour view: “GBP dipped to 1.4122 yesterday before rebounding quickly and subsequently, traded sideways. Momentum indicators are neutral and for today, GBP is probably going to trade between 1.4120 and 1.4185.”
Next 1-3 weeks: “The relatively choppy price actions late last week was followed by a rapid decrease in volatility as GBP traded during a quiet manner the past few days. The outlook is unclear and GBP is probably going to trade between 1.4100 and 1.4205 for now.”
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