British Pound: Upside fades below 1.3410 against US Dollar - UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann highlight that GBP/USD has been confined to tight ranges around 1.3455, with a slight increase in near-term downside momentum. They expect any intraday decline to stay within 1.3430–1.3475.
United Overseas Bank's analysts, Quek Ser Leang and Lee Sue Ann, note that the British Pound has been constrained within narrow bands around 1.3455 against the US Dollar. They anticipate any short-term decline to remain between 1.3430 and 1.3475. Over the span of one to three weeks, momentum has slowed down, and a drop below 1.3410 would indicate that the previously targeted 1.3555 resistance level is unlikely to be approached soon.
Two days prior, the Pound gained ground, reaching 1.3486 before settling at 1.3469. When the Pound was at 1.3470 early in the Asian session the previous day, an analyst had suggested that the upward momentum had slightly increased but was more likely to keep the Pound trading within a range of 1.3445 to 1.3495, rather than marking the beginning of a sustained surge.
This time around, there has been a modest uptick in downward momentum, but any drop is expected to stay within the range of 1.3430 to 1.3475.
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