British Pound: Oversold slide nears 1.3335 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann remain negative on GBP/USD after the pair eased to around 1.3370. They expect a test of last week’s low near 1.3335, though a sustained break below that level and the major 1.3300 support is seen as unlikely.
British bank UOB and its analysts Quek Ser Leang and Lee Sue Ann maintain a negative outlook on GBP/USD following the currency pair's drop to around 1.3370. The analysts anticipate a test of last week's low near 1.3335, although a sustained breach below that level and the key 1.3300 support is considered unlikely. In the short term, the downside risk remains, but significant momentum needed to reach 1.3300 is doubted.
During the last 24 hours, GBP fluctuated between 1.3366 and 1.3399, closing 0.18% lower at 1.3369, signaling a tentative build-up of downward momentum. Today, GBP might target last week's low, near 1.3335, but a continued decline is not expected. The major support at 1.3300 is also not anticipated. Resistance is found at 1.3385, and a breach of 1.3400 would imply that the slight downward pressure has eased.
The analysts have been negative on GBP since last Monday, and their stance has not changed since their latest update on Friday.
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