GBP/USD: Likely to trade between 1.3400 and 1.3600 – UOB Group

Current GBP/USD price movements still appear to be part of a range trading phase, likely between 1.3400 and 1.3600, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Current price movements still are a part of a ranged movement

24-HOUR VIEW: "Last Friday, when GBP was at 1.3500, we noted that there was 'a slight increase in upward momentum.' However, we pointed out that it 'is not enough to suggest a sustained rise.' We highlighted that GBP 'is more likely to trade in a range of 1.3455/1.3530.' GBP subsequently traded between 1.3449 and 1.3510, closing at 1.3453 (-0.27%). Flat momentum indicators suggest further range trading today, most likely between 1.3435 and 1.3505."

1-3 WEEKS VIEW: "We continue to hold the same view as last Friday (30 May, spot at 1.3500). As highlighted, 'the current price movements still appear to be part of a range trading phase, albeit a higher one, between 1.3400 and 1.3600.”