GBP/USD Consolidation Phase Limits Further Gains

The British Pound (GBP) has been experiencing a tight consolidation phase against the US Dollar (USD), according to United Overseas Bank's (UOB) analysts Quek Ser Leang and Lee Sue Ann. The pair briefly traded above 1.3535, reaching a high of 1.3540 before slipping back down to 1.3488. Despite this brief spike, the GBP/USD closed little changed at 1.3496.

The analysts maintain a mildly constructive view on the pound over the next one to three weeks, with some scope to test 1.3555. However, they note that any further gains beyond this level appear unlikely.