UOB Expects GBP/USD to Remain Range-Bound Following Failed Upside Attempt

GBP/USD experienced significant volatility recently, hitting a peak of 1.3712 before retreating to close near 1.3628. Analysts at UOB suggest the pair is likely to remain range-bound following this failed upside attempt. The sharp retracement indicates a lack of sustained bullish momentum required for a definitive breakout above key resistance levels. In the short term, there is a possibility of a brief dip below the 1.3600 support level. However, the bank considers an extension of the decline toward 1.3550 to be unlikely at this stage. Technical indicators currently point to a neutral to slightly bearish bias as the market enters a consolidation phase.