British Pound: Consolidation with limited upside scope against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann analysts report GBP/USD traded quietly between 1.3423 and 1.3456 after a prior spike to 1.3506. They expect near‑term consolidation in a 1.3425–1.3470 band.
UOB analysts, Quek Ser Leang and Lee Sue Ann, report that the British Pound has been consolidating within a range of 1.3425 to 1.3470 against the US Dollar. This narrow band comes after a brief upward spike to 1.3506 earlier in the week. Over the next 1-3 weeks, the analysts suggest that momentum may ease, but a move towards the 1.3555 level remains possible.
However, this will only happen if the crucial support level of 1.3385 is not breached. In the broader 1-3 month horizon, the analysts indicate that the GBP/USD pair may trade within a range from 1.3210 to 1.3655. The analysts emphasize that the recent pullback from 1.3506 to around 1.3430 might continue, but any downward movement is likely to be part of this consolidation phase. Today, they expect the GBP/USD pair to trade in a tighter range of 1.3425 to 1.3470.
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