The near-term bias is tilted to the upside, but Pound Sterling (GBP) may not break above 1.3505, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

GBP may not break above 1.3505

24-HOUR VIEW: "Yesterday, GBP soared to a high of 1.3491 before pulling back, closing modestly higher by 0.12% at 1.3443. The pullback amid slowing momentum and overbought conditions suggests GBP is unlikely to rise further. Today, we expect GBP to range-trade, most likely between 1.3420 and 1.3470."

1-3 WEEKS VIEW: "Despite advancing at a brisk pace over the past two days, GBP has not gained much momentum. That said, the near-term bias is tilted to the upside toward 1.3505. Based on the current momentum, GBP may not break clearly above this level. On the downside, a breach of 1.3380 could indicate that GBP is likely to range-trade instead of trading with an upward bias."