Analysts Quek Ser Leang and Peter Chia from UOB Group note that the Pound Sterling (GBP) is likely to remain confined to a 1.3120–1.3200 range in the near term. They add that although upward momentum is gradually building, GBP/USD may only tentatively rise toward 1.3240 in the medium term.
Short-Term Outlook (24 Hours):
UOB’s expected trading band of 1.3120–1.3200 held on Friday, with GBP/USD fluctuating erratically between 1.3109 and 1.3200 before closing slightly lower at 1.3175 (-0.13%). Analysts see no new signals and anticipate the pair will continue to trade within the same range today.
1–3 Week Outlook:
UOB reiterated its view from 14 November that GBP is experiencing a mild buildup in bullish momentum and could test 1.3240. However, they stress that a decisive break above this level is unlikely for now. The outlook remains valid as long as the key support at 1.3095 holds.