FXStreet reported Nov. 5 that United Overseas Bank (UOB) analysts expect sterling to consolidate in the near term while retaining a positive one- to three-week view, with 1.3410 as a key threshold.
The report gave a 24-hour GBP/USD range of 1.3445 to 1.3505 and a 1.3530 objective over one to three weeks. FXStreet said UOB cited overbought conditions as a reason for caution in near-term trading.
FXStreet attributed the assessment to Quek Ser Leang, UOB’s senior technical strategist and senior vice president, and Sue Ann Lee, an economist and first vice president. The outlet reported that GBP/USD reached 1.3503 and closed the previous session at 1.3472, up 0.44%.
FXStreet said an earlier UOB assessment had identified 1.3385 as strong support. In the latest view, a decline below 1.3410 would weaken the case for reaching 1.3530 during the current advance.
