The Pound Sterling (GBP) is likely to trade in a range, probably between 1.2810 and 1.2890. Downward momentum is building, and GBP may also trade with a downward bias towards 1.2780, UOB Group FX strategists Quek Ser Leang and Peter Chia note.

The closest resistance is at 1.2890

24-HOUR VIEW: “Yesterday, we expected GBP to consolidate in a range of 1.2850/1.2895. However, GBP fell below the support at 1.2850, reaching a low of 1.2807. GBP then rebounded from the low, closing largely unchanged (1.2860, -0.05%). The price movements did not result in a significant increase in downward momentum. Today, GBP is likely to trade in a range, probably between 1.2810 and 1.2890.”