GBP/USD is now expected to navigate between 1.2350 and 1.2550 in the short term, note UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.

Key Quotes

24-hour view: “Yesterday, GBP rose to a high of 1.2501 before retreating quickly to close at 1.2439 (+0.13%). Despite the advance, there is no significant increase in upward momentum. Today, GBP is likely to trade in a range, expected to be between 1.2400 and 1.2500.”

Next 1-3 weeks: “The recent days price actions of GBP appear to be consolidative. In other words, there is no clear directional bias for now. GBP could trade between 1.2350 and 1.2550 for the time being.”