UOB analysts see the Pound trading between 1.3440 and 1.3540 over the next 1-3 weeks amid fading upward momentum.
GBP/USD remains confined to a tight range, with intraday moves fluctuating between 1.3475 and 1.3515 as momentum dissipates. The pair briefly tested 1.3540 earlier this week but failed to sustain gains, retreating to a low of 1.3475 yesterday.
Analysts had previously expected a test of 1.3555 but noted that further upside appeared unlikely. The current phase reflects range-trading, with support at 1.3440 and resistance at 1.3540 over the coming weeks. Longer-term levels are pegged at 1.3210/1.3160 for support and 1.3610/1.3655 for resistance.
No immediate breakout is anticipated, as momentum indicators suggest continued consolidation within the broader band.