could still slip back to the 1.2400 region in the next weeks, according to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: We expected GBP to trade between 1.2455 and 1.2525 yesterday. However, GBP traded in a lower range of 1.2434/1.2511 before ending the day little changed at 1.2490 . The price action appears to be consolidative, and we continue to expect GBP to trade in a range, probably between 1.2440 and 1.2530.
Next 1-3 weeks: Our most recent narrative was from two days ago , wherein “downward momentum has slowed”, and “if GBP breaks above 1.2555, it would mean that GBP is not weakening further.” Yesterday, GBP fell to a fresh 10-week low of 1.2434 before rebounding quickly. Despite the decline, downward momentum has not improved further. That said, as long as 1.2555 is not breached, there is a chance for GBP to drop to 1.2400 before stabilisation can be expected. If GBP breaches 1.
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