In opinion of FX Strategists at UOB Group, GBP/USD is still seen navigating within the 1.3450-1.3645 range in the short-term horizon.

Key Quotes

24-hour view: “Last Friday, we held the view that GBP “could weaken but a clear break of 1.3500 is unlikely”. GBP subsequently dropped to 1.3515, rebounded quickly to 1.3609 before easing off to close unchanged at 1.3461. The choppy price actions have resulted in a mixed outlook and GBP is likely to trade sideways for today, expected to be between 1.3520 and 1.3600.”

Next 1-3 weeks: “Our view from last Friday (11 Feb, spot at 1.3550) still stands. As highlighted, GBP is likely trade between 1.3450 and 1.3645 for now.”