The GBP/USD pair traded within a narrow band around 1.3590 to 1.3600 on Friday, showing limited downside potential as oversold conditions and slowing momentum tempered market moves. According to FX Street (UOB), the pair closed almost unchanged near 1.3595, with immediate support and resistance expected between 1.3570 and 1.3620.
During the early European session, GBP/USD steadied around 1.3590 as traders adjusted their expectations for a Bank of England interest rate hike this year. Market focus shifted towards the upcoming Jackson Hole symposium later on Friday, where further guidance on monetary policy could emerge, FX Street reported.
For Japanese investors, the cautious stance on GBP/USD reflects broader risk management considerations amid global central bank uncertainties, impacting FX and equity market strategies in Japan.