GBP/USD Range-Bound Trade Continues with Eased Momentum
The British Pound (GBP) has been experiencing tight ranges against the US Dollar (USD), according to United Overseas Bank's analysts Quek Ser Leang and Lee Sue Ann. They noted that while there was a slight increase in near-term downside momentum, any intraday decline is likely to be contained within the range of 1.3430-1.3475.
The analysts expect that if the GBP/USD breaks below 1.3410, it would confirm that the previously eyed resistance at 1.3555 is unlikely to be tested soon. In a recent analysis, they mentioned that upward momentum has eased and that there is still a chance for the GBP to rise towards 1.3555.
On a 24-hour view, the analysts highlighted that the GBP edged higher to 1.3486 before closing at 1.3469 (+0.12%) two days ago. They also noted that when the GBP was trading at 1.3470 in the early Asian session yesterday, they indicated that it was more likely for the GBP to trade within a higher range of 1.3445-1.3495 rather than signaling a sustained advance.