British Pound: Upside capped near 1.3315 against US Dollar – UOB
United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann report that GBP/USD broke above their prior resistance level as the British Pound (GBP) outperformed on Tuesday, invalidating an earlier mildly bearish view.
British Pound (GBP) reached a resistance level near 1.3315 against the US Dollar (USD), according to strategists at United Overseas Bank (UOB). The GBP initially outperformed, invalidating a previous bearish outlook. Over the next 24 hours, analysts anticipate a retest of this resistance level but doubt a sustained break above it.
In the 1-3 week timeframe, only a modest upward movement is expected towards the next upside level, contingent on maintaining key support. The previous range-trading view of GBP between 1.3195 and 1.3245 was incorrect, as the currency rose to 1.3286. The major resistance at 1.3315 remains unlikely to be challenged, while support is found at 1.3240 and 1.3220.
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