British Pound: Short term bias tilts higher against US Dollar – UOB

UOB’s analysts, Quek Ser Leang and Lee Sue Ann, report that the British Pound (GBP) against the US Dollar (USD) has seen a slight upward movement, reaching approximately 1.3545. They indicate that there is no strong momentum build-up but rather a modest tilt towards the upside, aiming for a level near 1.3565 in the short term. They caution that the major resistance at 1.3600 is not expected to appear soon, and they maintain a neutral outlook for GBP over the next one to three weeks.

The analysts anticipate GBP to fluctuate between 1.3480 and 1.3600. Over the past 24 hours, GBP traded between 1.3482 and 1.3550, closing near 1.3518 with a slight decline of 0.05%. Previously, they predicted GBP to remain within a range of 1.3490 to 1.3540. However, GBP did not fully adhere to this range, moving from 1.3508 to 1.3547.

Although there hasn't been a significant surge in upward momentum, the bias suggests an upward movement towards the 1.3565 level. They do not foresee the major resistance at 1.3600 coming into play. Should the GBP drop below 1.3520, indicating that the minor support at 1.3530 has been breached, it would signal a decline in the upside bias.