Analysts see near-term range trading for GBP/USD but maintain a bearish outlook unless resistance at 1.3305 is breached.
GBP/USD remains in a corrective phase after testing April’s low near 1.3160 and rebounding, according to recent analysis. The pair is expected to trade between 1.3170 and 1.3245 in the near term, though a negative 1-3 week outlook persists unless resistance at 1.3305 is broken.
The pair briefly dipped to 1.3164 before recovering, reflecting oversold conditions. Earlier this month, a break below 1.3240 reinforced the bearish view, with 1.3160 identified as the next support level. Downward momentum has slowed, but the lack of a breach above 1.3305 keeps pressure on sterling.
No immediate market reaction was specified, but the outlook suggests potential downside risks if support levels fail to hold.