GBP/USD: UOB Analysts See Limited Upside for Pound
Market analysts at UOB's Quek Ser Leang and Lee Sue Ann recently observed that the British Pound (GBP) exhibited limited upside against the US Dollar (USD), with price movements confined within a defined range. On Monday, GBP/USD rose to a high of 1.3530, prompting predictions for further gains from the analysts. However, following the price action's subsequent development, they revised their expectations.
According to UOB's analysis, despite a narrow sideways trading range between 1.3493 and 1.3515, with GBP closing marginally higher by 0.01% at 1.3509, there is still scope for the Pound to edge slightly higher within this defined band of 1.3490-1.3535.
In their 1-3 weeks outlook, Quek Ser Leang and Lee Sue Ann maintained a positive view on GBP, stating that it could test 1.3555 but cautioned against sustained rises above this level appearing unlikely, emphasizing the need for GBP to hold above its 'strong support' level of 1.3460.