British Pound: Rally may stall near 1.3555 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang highlights GBP/USD’s volatile session, with a spike from 1.3401 to 1.3481 and scope for further gains toward 1.3520, though overbought conditions may cap upside.
UOB analyst Quek Ser Leang notes the GBP/USD currency pair's volatile session, with the pair surging from 1.3401 to 1.3481 before possibly extending gains toward 1.3520. However, overbought conditions might restrict any upward movement, with the pair struggling to break and hold above the key level of 1.3555. Currently, support is seen at 1.3450, while a break below 1.3425 would signal a weakening of the recent upward momentum.
The previous day saw GBP/USD trading in a narrow range, with the pair dipping to 1.3401 before rallying to close at 1.3481. The subsequent ascent to new three-month highs near the 1.3560 zone occurred after three consecutive daily declines, and the move is attributed to a weakening of the US Dollar. Meanwhile, EUR/USD climbed higher, reaching the upper 1.1500s for the first time since mid-June, despite ongoing uncertainty in the Middle East and easing expectations of an imminent Fed interest rate hike.
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