the opinion of FX Strategists at UOB Group, Cable is now expected to trade
within the 1.21/1.24 range in the short-term horizon.
view: “Our view for GBP to ‘test 1.2310 first before a more sustained can be
expected’ did not work out as GBP retreated after touching 1.2287. While
downward momentum is not exactly strong, the pull-back has scope to extend
lower. From here, a dip below 1.2200 would not be surprising but the next
support at 1.2175 is likely out of reach. On the upside, the 1.2287 high is
acting as a solid resistance for today (minor resistance is at 1.2265).”
1-3 weeks: “GBP took out 1.2230 ‘key resistance’ and as highlighted yesterday
(19 May, spot at 1.2205), a break of this level would indicate that the weak
phase that started earlier last week has run its course. The current movement
is viewed as the early stages of a consolidation phase. For the next couple of
weeks, GBP is likely to trade sideways within a relatively broad range of
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