GBP/USD Expected to Consolidate Between 1.3395 and 1.3465 with Eyes on 1.3515 Target

GBP/USD in Consolidation Mode as Momentum Stalls

The British Pound (GBP) continues to consolidate against the US Dollar (USD), with GBP/USD expected to remain within a tight trading range of 1.3395 to 1.3465 over the near term. Following last week’s muted price action, the pair has failed to extend its upward momentum and is now settling into a sideways pattern.

After ranging between 1.3399 and 1.3476 in the latest session, the price action is consistent with a consolidation phase, as previously forecast. Momentum indicators remain neutral, providing little directional bias in the short term.

Upside Still in Play if Key Support Holds

From a broader perspective, the 1.3365 level is identified as a key support zone. So long as this threshold is not breached, analysts believe the possibility of GBP/USD rising to 1.3515 remains intact.

“After a sudden spike in GBP mid-last week, we noted the possibility of a move to 1.3515,” analysts commented. “However, the Pound has since failed to build on that pace. If 1.3365 holds, the bullish scenario is not yet invalidated.”

The technical outlook remains cautiously optimistic. A break above 1.3465 resistance would be required to revive bullish sentiment and open the door for a retest of the 1.3515 area. On the downside, a sustained move below 1.3365 would negate that view and shift focus lower.