British Pound: Upside tests but capped near 1.3555 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann highlight that GBP/USD extended last week’s rally, but overbought conditions should confine intraday moves to a 1.3490–1.3535 band.
British Pound (GBP) against the US Dollar (USD) continued its upward trajectory last week, but analysts at United Overseas Bank (UOB) suggest that the currency pair may be nearing its upper limit in a 1.3490–1.3535 range. While GBP could potentially reach 1.3555 over a three-week period, sustained movement above this level appears unlikely, with strong support now located at 1.3460.
In the short-term, GBP has rallied slightly higher, closing at 1.3507 over the past 24 hours. However, factors such as slowing momentum and overbought conditions indicate that any further gains are likely to be capped within the aforementioned range.
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