According to United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann, the GBP/USD currency pair is anticipated to trade sideways within a broad band, as momentum indicators remain mostly flat [1]. The strategists noted that following recent price action, there has been no clear shift in either downward or upward momentum, leading to expectations of intraday consolidation between 1.3475 and 1.3530 [1]. On the previous trading day, GBP/USD traded within a relatively tight range of 1.3493 to 1.3534, closing largely unchanged at 1.3501, representing a marginal decline of 0.03% [1].
For the 1–3 week outlook, UOB maintains that the earlier upward momentum in GBP/USD has faded, and the pair is likely to oscillate within a wider range of 1.3400 to 1.3600, with no fresh directional bias indicated in the latest update [1]. The strategists reiterated their view from April 20, emphasizing that the recent upward momentum has 'fizzled out' and that GBP is expected to remain within this broad corridor for the time being [1].
No significant market-moving events or reactions were highlighted in the analysis, and there were no forward-looking statements or analyst opinions suggesting a change in the current consolidation pattern [1].
CONCLUSION
UOB strategists expect GBP/USD to continue consolidating within a broad range, with momentum indicators showing no clear directional bias. The market is likely to remain in a holding pattern, with limited volatility anticipated in the near term.