The Pound Sterling (GBP) is anticipated to trade within a narrow range of 1.3065 to 1.3135. Analysts from UOB Group, Quek Ser Leang and Peter Chia, suggest that while further weakness in the GBP is likely, the next significant support level at 1.3000 may not be tested imminently.
24-Hour Outlook: Previously, it was expected that the GBP would decline, with a potential dip to 1.3050. However, after a brief drop to 1.3065 during London trading, the GBP stabilized for the remainder of the session. Current momentum indicators are flat, indicating a sideways movement is likely today within the 1.3065 to 1.3135 range.
1-3 Week Outlook: Since mid-last week, a negative sentiment surrounding the GBP has prevailed. Despite recent price actions suggesting further weakness, conditions appear oversold, and the major support at 1.3000 may not be tested soon. This outlook remains intact as long as the strong resistance level at 1.3185 holds firm.
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