Cable’s potential advance to the 1.2580 region in the short-term horizon seems to be losing momentum for the time being, suggested FX Strategists at UOB Group.Key Quotes24-hour view: “We highlighted last Friday “momentum has eased considerably and GBP has likely moved into a consolidation/correction phase”. We added, GBP ‘is likely to trade sideways within a 1.2425/1.2505 range’. GBP subsequently traded within a narrower range than expected (between 1.2440 and 1.2495) before settling at 1.24
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