GBP Sees Bullish Bias as Analysts Predict Upswing Towards 1.3700

According to United Overseas Bank's analysts Quek Ser Leang and Lee Sue Ann, the British Pound (GBP) has been range-bound intraday between 1.3615 and 1.3660 against the US Dollar (USD). Momentum indicators are neutral, but their 1-3 week view remains positive after turning bullish last week.

The analysts expect a move toward 1.3700 while keeping strong support at 1.3585 in place. A break below this level would negate the upside scenario.

Looking at the recent price action, GBP closed little changed at 1.3644 (+0.09%) last Friday and traded between 1.3621 and 1.3656 before closing at 1.3630 (-0.10%). The analysts' view from last week still holds: 'the price movements still appear to be part of a range-trading phase.'

The pair is likely to continue trading in a range, probably between 1.3615 and 1.3660.