Pound Sterling (GBP) is expected to trade in a range between 1.2390 and 1.2490. In the longer run, for the time being, GBP is likely to trade in a 1.2310/1.2550 range, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

No increase in either downward or upward momentum

24-HOUR VIEW: "We highlighted yesterday that while GBP is likely to continue to rise, any further advance is expected to face strong resistance at 1.2500.' However, GBP swung between 1.2377 and 1.2483 before closing unchanged at 1.2445. There has been no increase in either downward or upward momentum. Today, we expect GBP to trade in a range between 1.2390 and 1.2490."

1-3 WEEKS VIEW: "Our latest narrative was from last Friday (09 Feb, spot at 1.2440), wherein 'for the time being, GBP is likely to trade in a 1.2310/1.2550 range.' There is no change in our narrative for now."