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United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann observe GBP/USD holding relatively resilient versus the US Dollar (USD) but still drifting lower. Intraday price action shows a tentative downside bias within 1.3190–1.3235. For the coming 1–3 weeks, they expect the British Pound (GBP) to remain range‑bound between 1.3170 and 1.3280, with earlier mild downward pressure seen as having eased.
Pound-Dollar expected to stay range-bound
“24-HOUR VIEW: Yesterday, we expected GBP to “trade between 1.3215 and 1.3260.” GBP subsequently rose and tested 1.3260 with a high of 1.3261 before dropping to a low of 1.3202. There has been a tentative increase in downward momentum, but while GBP could trade with a downside bias today, any decline is likely part of a lower range of 1.3190/1.3235.”
“1-3 WEEKS VIEW: Last Thursday (08 Oct, spot at 1.3215), we indicated that GBP “could edge lower within a 1.3140/1.3280 range.” Yesterday (12 Oct, spot at 1.3235) we pointed out that “GBP traded in a range over the past couple of days, and the mild downward pressure has eased.” We highlighted that “instead of expecting GBP to edge lower, we expect it to trade in a range between 1.3170 and 1.3280.” We continue to hold the same view.”
