The Pound Sterling (GBP) is expected to trade sideways in the short term, with a likely range of 1.3035 to 1.3085 according to analysts at UOB Group. In the longer term, there has been no significant increase in momentum, and a breach of 1.3125 is needed to suggest that 1.3000 is out of reach.
In the 24-hour view, GBP is expected to continue trading sideways, with support levels at 1.3025 and resistance at 1.3090. Despite a slight decline, there has been no increase in downward momentum, and GBP is likely to remain within a tight range of 1.3035 to 1.3085.
Looking ahead to the next 1-3 weeks, analysts maintain a negative view on GBP. After a period of decline and rebound, they note that there has been no further increase in downward momentum. A breach of the strong resistance level at 1.3125 would be needed to suggest that 1.3000 is out of reach in the near future.
Overall, the analysis suggests that GBP is likely to continue trading sideways in the short term, with a narrow range of 1.3035 to 1.3085. In the longer term, a breach of the key resistance level at 1.3125 would be needed to indicate that 1.3000 is out of reach for GBP.
In conclusion, analysts at UOB Group maintain a cautious view on GBP, with no significant increase in momentum in the near term. Traders should keep an eye on the key resistance level at 1.3125 for any potential breakouts that could indicate a shift in the longer-term trend for the Pound Sterling.
