Overview
- The British Pound (GBP) has entered a range-trading phase against the US Dollar (USD).
- According to UOB Group analysts Quek Ser Leang and Peter Chia, the pair is expected to test the lower end of the 1.3470–1.3650 range in the near term.
🔍 Short-Term View (24-Hour Outlook)
- GBP/USD briefly rose to 1.3661 before falling sharply to a low of 1.3534.
- UOB notes that while downward momentum exists, the move is nearing oversold conditions.
- Any further downside may pause near 1.3520. A break below 1.3470 is unlikely in the short term.
- To maintain bearish momentum, GBP/USD must stay below 1.3600.
- Minor resistance is at 1.3575.
📈 Medium-Term View (1–3 Weeks Outlook)
- Earlier, UOB saw potential for GBP to rise toward 1.3700, but noted that a move to 1.3765 was less likely.
- After GBP/USD peaked at 1.3726 and reversed, momentum faded.
- On September 18, UOB highlighted that a drop below 1.3575 would signal a shift to range trading.
- GBP/USD broke below 1.3575, confirming entry into a sideways trend.
- However, the tone has softened, and GBP/USD is likely to test the lower bound at 1.3470 before possibly bouncing.
🧠 Key Levels Summary
| Type | Level |
|---|---|
| Resistance | 1.3600 (main), 1.3575 (minor) |
| Support | 1.3520 (short-term), 1.3470 (range bottom) |
| Range Boundaries | 1.3470 – 1.3650 |
✅ NLP-Friendly Highlights
- Pair: GBP/USD
- Trend: Range-bound
- Current Range: 1.3470 to 1.3650
- Short-term bias: Bearish, likely to test 1.3520, possibly 1.3470
- Momentum: Weakening
- Break below 1.3575 confirmed shift to range trading