GBP Price Action Stuck in Consolidation Mode

British Pound (GBP) price action has been quiet in recent days, trading between $1.3423 and $1.3456 after a brief spike to $1.3506.

According to analysts at United Overseas Bank (UOB), Quek Ser Leang and Lee Sue Ann, the pair is expected to consolidate within a narrow range of 1.3425-1.3470 in the near term.

While momentum has eased somewhat over the past week or so, there remains a possibility that GBP could rise towards $1.3555 as long as support at $1.3385 holds.

In their analysis, the UOB analysts noted that the broader 1-3 month view still points to range trading between $1.3210 and $1.3655, with residual upside risk.