The British Pound (GBP) lost momentum against the US Dollar (USD) after failing to sustain its recent strong run, according to United Overseas Bank’s (UOB) Quek Ser Leang [1]. GBP/USD tested resistance near 1.3410 but was unable to break through, pulling back sharply to a low of 1.3349 after reaching a fresh high of 1.3401 [1]. The short-term price action now points to an extended correction, with focus on support levels at 1.3330 and 1.3315 [1].
UOB’s analysis notes that while strong momentum had previously suggested further GBP strength toward 1.3410, the subsequent pullback indicates that the upward move may be losing steam [1]. The Pound closed lower for the first time in eight days at 1.3360, down 0.23% [1]. If GBP/USD breaks below the 1.3315 support level, it would signal that the latest advance in the Pound has ended [1].
On the upside, resistance levels are now seen at 1.3370 and 1.3390, while the ability of the Pound to hold above 1.3350 is seen as crucial for sustaining any renewed upward momentum [1]. The report highlights that the market is currently uncertain whether the decline will reach the strong support at 1.3315 [1].
No explicit market reactions or analyst opinions beyond UOB’s technical outlook are provided in the article [1].
CONCLUSION
The British Pound's recent rally against the US Dollar has stalled, with technical analysis pointing to a possible extended correction if key support levels are breached. Market participants are watching the 1.3315 support closely, as a break below this level could mark the end of the Pound's latest advance.