**British Pound Enters Range-Bound Trading Against Dollar as Bullish Momentum Fades**
Sterling has lost its recent bullish trajectory against the US dollar, according to United Overseas Bank currency strategist Quek Ser Leang. The GBP/USD pair slipped below the critical 1.3450 support level, effectively ending the upward trend that had been in place.
The currency pair is now trading without strong directional momentum in either direction. Intraday movements are expected to remain confined between 1.3420 and 1.3475, while the broader trading range has been established between 1.3385 and 1.3495.
This shift signals a period of consolidation for sterling after its previous strength. Traders who had positioned for continued pound gains will need to reassess their strategies as the technical picture has fundamentally changed with the break of key support.
The lack of downside follow-through suggests bears haven’t seized full control, but bulls have clearly lost their grip on the pair.
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FXnCO Insight
** Range traders should look for mean-reversion opportunities near the 1.3385-1.3495 boundaries while directional traders wait for a clear breakout with volume confirmation.
Source: FXStreet