British Pound: Range-trade now, 1.3700 in sight against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note GBP/USD remains in a short-term consolidation, with price action confined between 1.3620 and 1.3665 after an overbought push to 1.3675.
The British pound (GBP) is currently trading in a short-term consolidation range between 1.3620 and 1.3665, following an overbought push to 1.3675. United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann maintain a positive outlook for the GBP/USD pair over the next 1-3 weeks, with the pair expected to move towards 1.3700 unless it breaks below a strong support level at 1.3585.
Long-term signals still favor broader range trading, but GBP strength is not expected to surpass the major resistance level at 1.3700. Over the past 24 hours, GBP rose to a high of 1.3661 and then eased, with analysts cautioning that while further GBP strength is not ruled out, any advance may be contained within the 1.3605/1.3670 range.
Today, the market expects GBP to trade between 1.3620 and 1.3665. Over the next three weeks, UOB analysts remain positive on GBP but note that if the pair falls below 1.3585, 1.3700 will become out of reach.
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