GBP Sees Downside Risk Toward 1.3480 Amid Oversold Conditions

The British Pound (GBP) has been trading in a short-term range after last week's sharp drop, according to United Overseas Bank's analysts Quek Ser Leang and Lee Sue Ann.

Intraday trade is expected between 1.3535 and 1.3570, but despite oversold conditions limiting sustained declines, the analysts still see downside risk toward 1.3480 over the next 1-3 weeks as long as the GBP stays below 1.3600.

The pair is seen range-trading longer-term, with no clear direction or trend.