British Pound: Downside risk toward 1.3480 against US Dollar – UOB
UOB’s Quek Ser Leang and Lee Sue Ann note GBP/USD broke below its anticipated intraday range, dropping to 1.3507 as downside momentum starts to build. Intraday, they expect a bearish bias with potential tests of 1.3500 and the major 1.3480 support, provided prices stay below 1.3545.
UOB analysts Quek Ser Leang and Lee Sue Ann predict the British Pound (GBP) will trend lower against the US Dollar (USD), with potential tests of 1.3500 and a major support level at 1.3480. If the GBP price remains below 1.3545, they foresee a bearish bias, with 1.3480 as the key downside level unless the 1.3570 resistance barrier is broken in the next 1-3 weeks.
Currently, GBP traded between 1.3531 and 1.3565 over the past two days and closed near 1.3549, slightly up. Instead of forming a range, GBP declined to a low of 1.3507, signalling downward momentum. For the next few weeks, the focus remains on the downside risk, with GBP expected to trade with a downside bias and test the 1.3480 support level, while maintaining a minor resistance at 1.3530.
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