British Pound: Rebound capped as downside bias lingers against US Dollar – UOB
United Overseas Bank (UOB) strategist Quek Ser Leang notes GBP/USD recovered to 1.3238 after failing to extend Thursday’s decline, but intraday gains are expected to stay within 1.3215–1.3265.
British Pound (GBP) experienced a rebound, reaching 1.3238 against the US Dollar (USD), but gains were capped within the 1.3215-1.3265 range. Analyst UOB's Quek Ser Leang maintains a mildly negative outlook, anticipating a potential move towards 1.3140 within the next 1-3 weeks. The 1.3265 level acts as strong resistance for GBP.
Following last Thursday's price action, UOB initially forecasted a downward momentum for GBP, expecting it to edge lower. However, the currency rebounded after dipping to a low of 1.3184. Despite the rebound, any advance is likely to remain within the 1.3215-1.3265 range, as there is no evident increase in upward momentum. The strong resistance at 1.3265 remains unbreached.
Over the next 1-3 weeks, UOB anticipates a further negative stance for GBP, expecting it to edge lower towards the major support at 1.3140. The resistance level at 1.3265 remains unchanged, and no shift in level is expected.
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