Analysts at UOB Group explained the conditions surrounding GBP/USD and are calling for a further leg higher after a phase of consolidation. Key Quotes: "The subsequent sharp down-move from the high suggests that we have likely seen a short-term top. The current movement is likely a consolidation phase and range trading is expected. " "While the short-term upward momentum has clearly eased, it is too early to expect a mid-term top. The current movement is likely part of a consolidation phase and as long as 1.4050 is intact, another attempt to move higher to test the major 1.4400 resistance cannot be ruled out just yet." For more information, read our latest forex news.