According to UOB’s Quek Ser Leang, both the British Pound (GBP/USD) and the Euro (EUR/USD) experienced upward moves but failed to break through key resistance levels, with momentum indicators now flattening for both pairs [1][2]. For GBP/USD, the pair stalled just below the major resistance at 1.3465, reaching a high of 1.3460 before retreating to close near 1.3410. UOB maintains that while a break above 1.3465 is possible, the next resistance at 1.3490 is a tougher barrier. The bank warns that a drop below the strong support at 1.3380 would signal a return to broader range trading, with GBP likely to trade sideways between 1.3390 and 1.3450 in the near term [1].
Similarly, EUR/USD failed to sustain gains above 1.1620, closing at 1.1590 after reaching a high of 1.1622. UOB sees an upside bias for the Euro over the next 1–3 weeks but expects firm resistance at 1.1650. The pair must hold above 1.1555 to maintain this bias, with a broader trading range of 1.1555–1.1750 anticipated for early Q3 2026. The bank notes that a break below 1.1555 could open the way for a move toward the significant weekly support zone of 1.1390/1.1410 [2].
Both currency pairs are currently consolidating after recent advances, with momentum indicators turning flat and suggesting sideways trading in the immediate term. UOB’s analysis highlights that while there is still scope for further gains, significant resistance levels are capping upside potential, and failure to hold above key support levels could lead to broader range-bound trading [1][2].
No specific market reactions or analyst opinions beyond UOB’s technical outlook are provided in the sources. Forward-looking statements emphasize the importance of holding above the identified support levels to sustain any further upward movement [1][2].
CONCLUSION
Both GBP/USD and EUR/USD are facing strong resistance levels and flattening momentum, according to UOB. The outlook remains cautiously optimistic for further gains, but key support levels must hold to avoid a shift back to range trading. Market participants should watch for breaks of these critical levels to gauge the next directional move.