British Pound: Pullback seen within 1.3400–1.3475 band against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang notes GBP/USD reversed after an overbought spike to 1.3506, closing lower at 1.3434. The strategist sees scope for the pullback to extend but mainly within a 1.3400–1.3475 range, with a sustained drop below 1.3400 unlikely.
The British Pound (GBP) experienced a pullback against the US Dollar (USD), retracting within a range of 1.3400–1.3475, according to United Overseas Bank's (UOB) analyst Quek Ser Leang. After reaching an overbought level of 1.3506 on the previous day, GBP closed at 1.3434. The analyst anticipates that the decline could potentially extend, but a sustained drop below 1.3400 is deemed unlikely. While momentum remains strong over the next 1-3 weeks, the likelihood of breaking above the 1.3555 resistance level has diminished.
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