GBP/USD Range-Trade Continues as UOB Eyes 1.3700

Analysts at United Overseas Bank (UOB) are maintaining their positive view on the British Pound against the US Dollar, citing its recent consolidation within a narrow range. According to Quek Ser Leang and Lee Sue Ann, the pair's price action has been confined between 1.3620 and 1.3665 after reaching an overbought level of 1.3675.

The duo notes that their 1-3 week view remains positive, with a target towards 1.3700 unless the pair breaks through strong support at 1.3585. They also highlight that longer-term signals continue to favor broader range trading.

In their previous analysis, UOB's analysts pointed out that despite GBP's rise to a high of 1.3661 last Thursday, further strength was not ruled out, but deeply overbought conditions suggested any advance could be contained within a 1.3605/1.3670 range.