UOB analysts expect GBP/USD to trade in a 1.3340–1.3465 range over 1-3 weeks, with momentum insufficient for a sustained breakout.
GBP/USD rose to 1.3434, stretching short-term conditions but remaining below key resistance at 1.3465. UOB analysts note the pair’s upward momentum has increased, though not enough to sustain a breakout above the range’s upper limit.
The bank shifted from a negative to neutral stance earlier this week, citing fading downward momentum. Previously, GBP/USD traded between 1.3300 and 1.3435 before surging to its current level. Support is now seen at 1.3385, with a breach below 1.3365 signaling potential range-bound trading.
Over the next 1-3 weeks, UOB expects the pair to consolidate within a higher 1.3340–1.3465 band, as overbought conditions limit further gains.