Analysts maintain a bullish outlook for the pair as long as it stays above 1.3605, with 1.3700 remaining the next resistance level.
The British pound remains positioned for further gains against the US dollar, with a key support level at 1.3605 holding firm. Analysts at United Overseas Bank (UOB) maintain a positive 1-3 week outlook, targeting 1.3700 as long as the pair does not break below 1.3605.
Recent price action saw GBP/USD trade within a narrower range of 1.3623 to 1.3655, closing modestly higher at 1.3650. The near-term tone has softened slightly, but the broader upside scenario remains valid unless the 1.3605 support level is breached. The bank previously turned bullish on August 17 when the pair was at 1.3540.
For the next 24 hours, UOB expects GBP/USD to trade in a higher range of 1.3630 to 1.3665, reflecting a firmer underlying tone despite recent consolidation.