UOB analysts note GBP/USD’s tight trading range and rising near-term downside momentum below 1.3410.
The British pound has struggled to break out of a narrow range around 1.3455 against the US dollar, with analysts observing a slight increase in near-term downside momentum. Intraday declines are expected to remain limited, though pressure persists below 1.3410.
Recent trading has seen GBP/USD confined to tight ranges, reflecting subdued volatility. Prior sessions showed similar consolidation, with resistance near 1.3455 and support around 1.3400. The pair’s inability to sustain upward momentum has kept traders cautious.
No immediate market reaction was reported, but the shift in momentum suggests potential for further downside if support levels are breached.