The British Pound is stuck in range-bound trading against the US Dollar after a failed breakout attempt, according to United Overseas Bank currency strategists Quek Ser Leang and Lee Sue Ann. GBP/USD briefly pushed above the 1.3420 level but failed to maintain momentum, leading analysts to forecast consolidation in the near term.
UOB expects intraday movements to remain confined between 1.3330 and 1.3395, with the lower bound providing key support. The strategists do not anticipate a clear break below 1.3330 in current trading sessions, suggesting the pair has found a temporary floor at this level.
The assessment points to limited directional conviction in sterling markets, with neither bulls nor bears able to establish control. Traders should watch for a sustained move beyond either range boundary to signal the next significant trend.
FXnCO Insight
GBP/USD traders should focus on range-trading strategies between 1.3330 support and 1.3395 resistance until a decisive breakout occurs, with stops placed just outside these boundaries.
Source: FXStreet