According to United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann, the British Pound (GBP) remains in a short-term range against the US Dollar (USD) following a sharp drop last week, with intraday trading expected between 1.3535 and 1.3570 [1]. Despite deeply oversold conditions, which limit the likelihood of a sustained decline, the analysts still see downside risk toward 1.3480 over the next 1–3 weeks, provided GBP stays below the 1.3600 resistance level [1].
On a 24-hour view, GBP/USD traded between 1.3531 and 1.3565, closing little changed at 1.3549 (+0.06%), suggesting the pair is in a range-trading phase. The analysts note that the firmer underlying tone could see GBP trade in a higher range of 1.3535/1.3570 in the near term [1].
For the 1–3 week outlook, UOB maintains that the risk remains on the downside, with 1.3480 as the key level to watch, as long as GBP remains below 1.3600. The longer-term view is for the pair to continue range trading [1].
No specific market reactions or analyst opinions beyond the technical outlook are provided in the source article [1].
CONCLUSION
UOB analysts highlight a continued downside risk for GBP/USD toward 1.3480, though oversold conditions may limit further declines in the short term. The pair is expected to remain range-bound unless GBP breaks above 1.3600, which would negate the current downside bias.