The Pound Sterling (GBP) is expected to trade sideways between 1.2780 and 1.2855. Instead of trading in a range, GBP is likely to rebound further, potentially to 1.2950, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.

Bulls to test the 1.2855 resistance

24-HOUR VIEW: “Our expectation for GBP to break above 1.2900 did not turn out, as it traded between 1.2812 and 1.2868, closing lower by 0.27% (1.2827). The current price movements are likely part of a sideways trading phase. Today, GBP is expected to trade between 1.2780 and 1.2855.”