The Pound Sterling (GBP) is expected to consolidate in a range of 1.2905/1.2955, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann notes.

Rangebound within 1.2905/1.2955

24-HOUR VIEW: “We indicated yesterday that ‘there is scope for GBP to rebound, but any advance is unlikely to reach 1.2980.’ We also indicated that ‘support levels are at 1.2920 and 1.2905.’ Our expectations did not materialise as GBP traded in a relatively quiet manner between 1.2905 and 1.2942, closing slightly higher at 1.2931 ( 0.15%). The price action appears to be consolidative, and today, we expect GBP to trade in a range of 1.2905/1.2955.”