British Pound: Downside risk focuses on 1.3480 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note that GBP/USD remains in a short-term range after last week’s sharp drop, with intraday trade expected between 1.3535 and 1.3570.
UOB analysts Quek Ser Leang and Lee Sue Ann report that the British Pound (GBP) against the US Dollar (USD) is currently confined to a short-term trading range. Over the next 1-3 weeks, they anticipate the pair to fluctuate between 1.3535 and 1.3570. While deeply oversold conditions have limited major declines, they caution that a downside risk exists toward 1.3480 if GBP remains below the 1.3600 level.
In the longer term, GBP/USD is expected to trade within a broader range. The GBP experienced a sharp decline to a low of 1.3527 last Friday but later traded between 1.3531 and 1.3565, closing at 1.3549, reflecting a range-trading phase. Despite some recovery, the underlying tone suggests a potential move towards a higher range of 1.3535/1.3570.
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