British Pound: Further weakness eyed toward 1.3410 against US Dollar – UOB
UOB’s Quek Ser Leang reports GBP/USD slipped below 1.3475 before rebounding, with intraday trade now expected between 1.3470 and 1.3520. He notes building downside momentum and sees scope for further British Pound (GBP) weakness, though the major support at 1.3410 may not be tested immediately.
British Pound faces potential further weakness against the US Dollar, as per UOB analyst Quek Ser Leang. The GBP/USD pair recently dipped below the 1.3475 mark but has since rebounded, with trading now anticipated to oscillate between 1.3470 and 1.3520. Quek identifies a developing downside trend and suggests more GBP decline, although the critical support level at 1.3410 may not be breached immediately.
A breach of 1.3540 would indicate that 1.3410 is currently inaccessible. In the 24-hour outlook, UOB had predicted GBP to "consolidate between 1.3485 and 1.3540" the previous day, but the currency fell to 1.3464 before resuming its ascent to conclude 0.27% lower at 1.3499. This rebound from oversold conditions implies that GBP might now trade in a range, likely between 1.3470 and 1.3520.
Over the next one to three weeks, Quek anticipates continued GBP weakness, barring a decisive close below 1.3495, which could then trigger a break of the 1.3475 support. The next key support lies at 1.3410, yet this level may not become relevant in the immediate future. Conversely, a breakthrough above 1.3540, previously considered 'strong resistance,' would indicate that 1.3410 is no longer within reach.
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