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GBP/USD: Likely to trade sideways between 1.3410 and 1.3460 – UOB Group
Key Takeaways (30s Read)
UOB Group forecasts GBP/USD to trade sideways between 1.3410 and 1.3460.
GBP/USD is forecasted to trade sideways between 1.3410 and 1.3460, as momentum indicators turn flat, according to UOB Group analysts Quek Ser Leang and Peter Chia. In the short term, the 1.3410 level is expected to act as support, while 1.3460 stands as resistance. For a longer view, GBP is likely in a range-trading phase between 1.3390 and 1.3520. Traders can potentially utilize the upper and lower boundaries of this range, although there is no strong trend observed for the Pound at the moment. External factors such as economic indicators may influence a breakout from this range, which necessitates close monitoring of market movements.
AI Analyst
AI Opinion
"This analysis highlights the short-term range trading outlook for GBP/USD. The Pound currently shows no significant trend, with expectations of a sideways movement between 1.3410 and 1.3460. This presents traders with a potential opportunity to manage risk and identify suitable entry timing. Especially, if the price breaches these resistance or support lines, larger price movements may be anticipated. However, external factors such as economic indicators or changes from central banks could influence market dynamics, necessitating caution. At this point, while there is no clear bullish or bearish signal, continued monitoring will be key to preparing for any market changes."
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