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Pound Sterling (GBP) is likely to trade in a range between 1.3130 and 1.3190. In the longer run, GBP is likely to edge higher within a range of 1.3065/1.3230, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
💡 DMK Insight
GBP’s current range trading signals indecision, but there’s potential for upward movement. With GBP trading between 1.3130 and 1.3190, traders should be cautious as this tight range reflects market uncertainty. The longer-term outlook suggests a gradual rise towards 1.3230, but breaking below 1.3065 could trigger a bearish sentiment. Keep an eye on economic indicators like UK inflation and employment data, as these could influence GBP’s trajectory. If the pound can maintain momentum above 1.3190, it might attract bullish positions, especially if the broader market sentiment shifts positively. Conversely, a dip below 1.3065 could lead to a quick sell-off. Watch for any significant news from the Bank of England or geopolitical developments that could sway market sentiment. The real story is how traders react to these levels—monitoring volume and volatility around these thresholds will be key to positioning effectively.
📮 Takeaway
Watch GBP closely around 1.3190 for potential bullish moves; a break below 1.3065 could signal a bearish shift.
