GBP/USD now looks consolidative near term – UOB

GBP/USD is now seen navigating within the 1.1330-1.1635 range in the short-term horizon, suggest Economist Lee Sue Ann at UOB Group and Markets Strategist Quek Ser Leang.

Key Quotes

24-hour view: “Our expectation for GBP to decline further yesterday was incorrect as it rose to 1.1566, plummeted to 1.1437 before rebounding to close at 1.1485 (+0.16%). The sharp but short-lived swings have resulted in a mixed outlook. GBP could continue to trade in a choppy manner, likely between 1.1430 and 1.1550.”

Next 1-3 weeks: “We continue to hold the same view as yesterday (01 Nov, spot at 1.1470) where GBP appears to have moved into a consolidation phase and is likely to trade between 1.1330 and 1.1635 for the time being.”