GBP/USD Stuck in a Tight Range: Could This Be the Calm Before a Market Storm?
Is the Pound Sterling finally catching its breath, or is it just playing possum before the next big move? If you’ve been glued to the GBPUSD charts lately, you know this isn’t your usual straightforward up-or-down story. Sure, the market expected the GBP to crumble further last Friday — but nope, it bounced back to 1.3414, defying the doomsayers. What’s clear though, is that while the downward momentum is easing off, nobody’s popping the champagne just yet. We’re stuck in a tight range between 1.3375 and 1.3430, and the real game-changer? Breaking past that stubborn 1.3445 resistance level — that’s the signal that the Pound’s weakness might actually be stabilizing. Intrigued by what this means for your trades or investments? Dive deeper into the analysis by UOB Group’s sharp FX minds and get the full picture. LEARN MORE.
Pound Sterling (GBP) is likely to trade in a range between 1.3375 and 1.3430. In the longer run, downward momentum is starting to slow, but only a breach of 1.3445 would indicate that the weakness in GBP has stabilised, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Downward momentum is starting to slow
24-HOUR VIEW: “Our view for GBP to ‘decline further’ last Friday was incorrect, as it rebounded to a high of 1.3414. Despite the rebound, there is no clear increase in upward momentum. Today, GBP is likely to trade in a range, most likely between 1.3375 and 1.3430.”
1-3 WEEKS VIEW: “We have held a negative GBP view since the middle of the month. Tracking the subsequent price movements, we highlighted last Friday (26 Sep, spot at 1.3335) that GBP ‘is expected to continue to decline, and the next level to watch is 1.3260.’ We did not quite expect GBP to rebound to a high of 1.3414. Although downward momentum is starting to slow, we will maintain the same view as long as 1.3445 (no change in ‘strong resistance’ level) holds. A breach of 1.3445 would indicate that the weakness in GBP from more than a week ago (see annotations in chart below) has stabilised.”
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