According to UOB Group’s Senior Technical Strategist Quek Ser Leang and Senior FX Strategist Peter Chia, the GBP/USD pair is likely to enter a period of consolidation following its recent dip. The analysts suggest that downward momentum has stalled, and since the pair remains in oversold territory, a further immediate decline is improbable.
For the current session, the British Pound is expected to fluctuate within a defined range of 1.3640 to 1.3710. UOB maintains that while the current pullback could potentially reach 1.3570, a decisive break below that support level remains unlikely. This neutral-to-bearish outlook holds firm as long as the “strong resistance” level, now adjusted to 1.3755, remains intact