Pound Sterling (GBP) is expected to remain range-bound in the short term, but a decisive move above 1.3475 could trigger further gains toward 1.3505, and possibly 1.3530, according to UOB Group FX analysts Quek Ser Leang and Peter Chia.
Short-Term Outlook (24 Hours)
“GBP traded in a narrow band between 1.3400 and 1.3442 on Monday, closing at 1.3404 (-0.26%). The price action was muted and lacked clear direction. For today, we expect GBP/USD to trade within a 1.3385 to 1.3435 range.”
Medium-Term Outlook (1–3 Weeks)
“As of last Friday (Oct 17, spot at 1.3440), we highlighted building upside potential. GBP reached a high of 1.3471 but failed to break the key resistance at 1.3475. Despite a slight pullback, upward momentum remains intact. A clear break above 1.3475 would likely lead to 1.3505, and possibly 1.3530.
This view remains valid as long as GBP holds above the strong support at 1.3360.”