The GBP/USD currency pair traded in a narrow range around 1.3465 to 1.3510 on Thursday during European hours, supported by a weakening US Dollar, according to FX Street. After two days of losses, the pair gained some ground, hovering near 1.3500 with fluctuations between 1.3475 and 1.3485 as noted by analysts from United Overseas Bank (UOB).
FX Street highlighted that a strong rally in the Japanese Yen pressured the US Dollar, indirectly bolstering the British Pound against the greenback. UOB strategists Quek Ser Leang and Lee Sue Ann observed that downside appeared limited near 1.3465, with 1.3510 marking a potential return to range-bound trading for the pair.
Market participants are closely watching for fresh momentum from Bank of England Governor Andrew Bailey’s upcoming speech and the US August jobs data scheduled for Friday. For Japanese investors, the interplay between the GBP/USD and the JPY’s strength remains critical amid ongoing volatility in FX markets.