GBP/USD Upside Fades Below 1.3410 Amid Rising Downside Momentum
UOB analysts note the British pound's upside against the US dollar is losing steam, with near-term downside momentum increasing and the pair range-bound near 1.3455.
GBPUSD
According to UOB analysts Quek Ser Leang and Lee Sue Ann, GBP/USD has been confined to tight ranges around 1.3455, and a slight increase in near-term downside momentum is now evident.
They highlight that upside momentum has faded below the 1.3410 level, suggesting selling pressure is capping any recovery attempts. While intraday declines are expected to stay contained, the tone has shifted more cautious.
The pound's inability to regain traction above 1.3410 could leave it vulnerable to a test of nearby support if selling intensifies.
Source: FXStreet Forex News