GBP: Near-term range trading – BBH

Analysts at BBH note that the UK sterling rose nearly 1% last week and wrestled with the Swedish krona as the strongest of the majors.  

Key Quotes

“Sterling may have been helped by the backing up of UK short-term rates.  The implied yield of the December 2018 short-sterling futures contract edged about five basis points higher after falling 15 bp after the BOE hiked rates on November 2.  However, sterling remains well within its $1.30-$1.3340 trading range.  The daily technical readings are mixed, which we suppose lends itself to continued near-term range trading.”