According to United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann, the British Pound (GBP) is expected to consolidate against the US Dollar (USD) after a brief push above 1.3420 failed to gain traction [1]. Intraday movements suggest that any pullback in GBP/USD is likely to remain within the 1.3330–1.3395 range, with analysts noting that a clear break below 1.3330 is unlikely in the near term [1].
On a broader time frame, UOB projects that the GBP will remain range-bound over the next 1–3 weeks and 1–3 months, with parameters set between 1.3210 and 1.3655 [1]. The analysts highlighted that while GBP rose to 1.3411 two days ago and briefly touched 1.3424, it subsequently pulled back to close little changed at 1.3367, representing a -0.08% move [1].
UOB's latest narrative, as of June 8, indicated that a clear break below 1.3300 would be required for further declines toward 1.3240, but recent price action has seen downward momentum fade. As a result, GBP/USD is likely to trade in a range between 1.3300 and 1.3435 for the time being [1].
No significant market reactions or analyst opinions suggesting a directional breakout were mentioned, and the overall tone remains neutral, emphasizing consolidation and range trading [1].
CONCLUSION
UOB analysts expect the British Pound to remain range-bound against the US Dollar, with no clear breakout anticipated in the near term. The market is likely to see GBP/USD fluctuate within established parameters, reflecting a neutral outlook and limited immediate market impact.