United Overseas Bank analysts see GBP/USD testing 1.3700 in coming weeks while near-term trading remains range-bound.
GBP/USD is trading in a tight range between 1.3615 and 1.3660, with neutral momentum indicators keeping intraday movements subdued. The pair closed at 1.3630 on Monday, slightly lower after Friday’s marginal gain of 0.09% at 1.3644.
UOB analysts turned bullish on GBP/USD last week, maintaining a positive 1-3 week outlook with a target of 1.3700. Strong support is held at 1.3585, a break below which would invalidate the upside scenario. The bank first shifted its stance on August 17 when the pair traded at 1.3540.
No immediate market reaction was noted, as the pair continues to consolidate within the expected range.