UOB economist analysts Quek Ser Leang Lee and Sue Ann report that both GBP/USD and EUR/USD are experiencing mild downside pressure within broad trading ranges. For GBP/USD, the pair closed at 1.3366 after trading in a narrower-than-expected range of 1.3359–1.3436. Analysts see mild downward pressure intraday, but a move to the major support at 1.3320 is considered unlikely. The Pound is expected to oscillate between 1.3220 and 1.3480 over the next one to three weeks, with medium-term risk of a drop toward 1.2945–1.3010 if there is a weekly close below 1.3300. Key support levels are noted at 1.3340 and 1.3320, while resistance is at 1.3395 and 1.3410 [1].
For EUR/USD, the pair slipped to 1.1554 as downside momentum picked up. Intraday, analysts see scope for a further drift toward 1.1530, with major support at 1.1480 expected to remain intact. Over the next one to three weeks, EUR/USD is likely to trade between 1.1480 and 1.1640, with medium-term risks skewed toward a test of 1.1390. Resistance levels are at 1.1580 and 1.1600. Emerging reversal signs suggest that EUR/USD could break the 55-week EMA (now at 1.1500) and test 1.1390 in the coming months [2].
Both currency pairs are characterized by range-bound trading and mild downside bias, with analysts emphasizing that major support levels are unlikely to be breached in the immediate term. The outlook for GBP/USD remains mixed, while EUR/USD is seen as entering a range-trading phase with fading momentum. Medium-term risks for both pairs are tilted toward further downside if key support levels are breached on a weekly close [1][2].
No explicit market reactions or analyst opinions regarding broader market implications are provided in either article. Both reports focus on technical levels and potential price movements within established ranges [1][2].
CONCLUSION
UOB analysts highlight mild downside bias for both GBP/USD and EUR/USD, with trading expected to remain within broad ranges unless key support levels are breached. Medium-term risks are skewed toward further declines, but immediate threats to major supports are considered low. The market takeaway is a cautious, range-bound outlook for both currency pairs.