Cable is expected to navigate within the 1.3800-1.4000 range in the next weeks, noted FX Strategists at UOB Group.
24-hour view: “GBP traded between 1.3877 and 1.3926 yesterday, narrower than our expected range of 1.3845/1.3930. While further sideway-trading would not be surprising, the slightly firmed underlying tone suggests a higher range of 1.3870/1.3940.”
Next 1-3 weeks: “There is not much to add to our update from Tuesday (04 May, spot at 1.3905). As highlighted, the recent rapid swings have resulted in a mixed outlook and GBP is likely to trade between 1.3800 and 1.4000 for now.”