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United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann report GBP/USD price action remains confined, with intraday moves seen between 1.3475 and 1.3515 as momentum has faded. For the coming 1–3 weeks, they expect the Pound to trade in a broader 1.3440–1.3540 band after a brief test of 1.3540, while longer-term signals point to range-trading with supports at 1.3210/1.3160 and resistance at 1.3610/1.3655.
Pound momentum fades into ranges
“24-HOUR VIEW: GBP rose briefly to 1.3540 two days ago before dropping back down to a low of 1.3488. When it was at 1.3500 in the early Asian session yesterday, we indicated that “the current price movements appear to be part of a range-trading phase between 1.3475 and 1.3525.” Our view of range-trading was not wrong, even though GBP traded within a narrower range than expected (1.3475/1.3513). The price movements still appear to be part of a range-trading phase. Today, we expect GBP to trade between 1.3475 and 1.3515.”
“1-3 WEEKS VIEW: We have held a slightly positive GBP view since last Monday. In our most recent narrative from Tuesday (11 Aug, spot at 1.3510), we indicated that while GBP “could test 1.3555, based on the prevailing momentum, a continued rise above this level appears unlikely.” GBP rose briefly to 1.3540 two days ago and then pulled back, printing a low of 1.3475 yesterday. Although our ‘strong support’ level at 1.3460 has not been breached yet, upward momentum has largely faded. For the time being, we expect GBP to trade in a range, most likely between 1.3440 and 1.3540.”
