GBP/USD Expected to Test 1.3465 as Downside Bias Continues

According to analysts at United Overseas Bank (UOB), the British Pound's (GBP) decline against the US Dollar (USD) is expected to be limited, with a potential test of 1.3465.

The GBP/USD pair extended its decline to 1.3475 before rebounding and closing at 1.3485. While downward momentum has slowed somewhat, the bias for the GBP remains on the downside.

UOB analysts Quek Ser Leang and Lee Sue Ann note that a breach of 1.3510 would indicate that the GBP is likely to range-trade rather than trade with a downside bias.

In their analysis, they highlight that the risk for the GBP remains on the downside, with a potential target at 1.3415 in the coming weeks.