United Overseas Bank analysts Quek Ser Leang and Lee Sue Ann report the British Pound is trading in a tight range against the US Dollar, currently confined between 1.3615 and 1.3660. Despite the intraday consolidation, UOB strategists maintain an upside bias for Sterling, targeting the 1.3700 level in the near term. Momentum indicators remain neutral, suggesting the pair is pausing rather than reversing its recent trajectory.
The assessment comes as currency traders monitor macroeconomic signals from both the UK and US that could trigger the next directional move. The pound has shown resilience in recent sessions, and a break above the current range could accelerate buying pressure toward the technical target.
Market participants should watch for catalysts that could push GBP/USD out of its consolidation phase, with 1.3700 representing the next key resistance level for Sterling bulls.
FXnCO Insight
Traders holding long GBP/USD positions should maintain stops below 1.3615 while targeting 1.3700, as the pair consolidates with an upward tilt despite neutral momentum.
Source: FXStreet