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GBP/USD struggles to hold gains, downside seen below 1.3410

UOB expects any intraday dip to stay within 1.3430 to 1.3475, and says a break below 1.3410 would reduce the odds of testing 1.3555 soon.

Reported · Written up by our desk · Major Pairs

United Overseas Bank analysts at UOB, Quek Ser Leang and Lee Sue Ann, said GBP/USD has been moving in tight ranges around 1.3455, with a slight uptick in near term downside pressure.

They expect declines to remain contained on the day, with a projected range of 1.3430 to 1.3475.

On a 1 to 3 week view, UOB said momentum has eased, and that a break below 1.3410 would confirm that the previously targeted 1.3555 resistance is unlikely to be approached soon.

In their 24 hour assessment, they noted GBP rose to 1.3486 before closing at 1.3469, up 0.12%, and had traded within a relatively narrow band in the subsequent session.

Latest closeGBP/USD 1.345 ▼0.1%

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