British Pound: Support at 1.3495 under pressure against US Dollar – UOB
United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann report that GBP/USD’s sharp drop to 1.3493 looks stretched short term, favouring consolidation between 1.3495 and 1.3535 intraday.
British Pound (GBP) against the US Dollar (USD) has experienced a sharp decline, reaching a low of 1.3493, according to United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann. This drop appears to be overextended in the short term, suggesting potential consolidation between 1.3495 and 1.3535 intraday. Over the next few weeks, however, a downward momentum is building, with the price potentially falling to 1.3475 if it closes below the current support level of 1.3495.
The resistance level is currently positioned around 1.3560. Analysts maintain a neutral stance, expecting GBP to stabilize within a narrower range of 1.3495/1.3590 in the coming days.
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