United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann, GBP/USD jumped to a seven-week high near 1.3503 before easing to 1.3472, with intraday action expected to consolidate between 1.3445 and 1.3505.
The GBP/JPY cross reverses an intraday dip to the 212.00 neighborhood, hitting a fresh two-month high during the first half of the European session on Wednesday. Spot prices currently trade just below mid-213.00s, up around 0.20% for the day, and seem poised to prolong a one-week-old uptrend.
The US Dollar (USD) has navigated a vacillating range on Tuesday, broadly in line with the rest of the FX galaxy, in a context of steady caution ahead of the US Midterm elections, upcoming key US data releases and steady uncertainty surrounding the Middle East crisis.