British Pound: Further gains face 1.3655 cap against US Dollar – UOB
United Overseas Bank’s Quek Ser Leang and Lee Sue Ann report that GBP/USD spiked to 1.3630 before easing, leaving short‑term conditions overstretched.
The British Pound experienced a surge, reaching a high of 1.3630 against the US Dollar before settling at 1.3606, marking a 0.55% increase over the past 24 hours. However, this impressive rise appears to be overbought, indicating that the GBP may consolidate between 1.3570 and 1.3630 in the near future. United Overseas Bank's analysts Quek Ser Leang and Lee Sue Ann caution that while the upside bias in GBP remains intact, any gains are anticipated to face significant resistance at 1.3655.
Momentum indicators reveal negative divergence, suggesting that any advance is likely to encounter firm resistance at 1.3655. For a definitive breakthrough of 1.3655, the GBP would need to surpass the 'strong support' level of 1.3535, which was previously recorded at 1.3510.
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