UOB’s Quek Ser Leang reports that the British Pound (GBP) continues to face downside pressure against the US Dollar (USD), despite a recent rebound. After a sharp drop to a low of 1.3479, GBP/USD closed at 1.3535, marking a 0.19% increase from the previous session. The intraday price action is expected to consolidate within the range of 1.3485 to 1.3540, as the brief decline did not result in increased downward momentum [1].
On a 1–3 week outlook, UOB maintains that if GBP/USD closes below 1.3495, it is likely to break the next support at 1.3475, with the broader pullback potentially extending toward 1.3410. Resistance is identified at 1.3560, which is expected to cap any upside movement in the near term [1].
The analysis suggests that while the immediate risk of further sharp declines has lessened, the overall trend remains bearish unless GBP/USD can break above the 1.3560 resistance level. No significant market reaction or analyst opinions beyond the technical outlook were discussed in the article [1].
CONCLUSION
The British Pound remains under downside pressure against the US Dollar, with key support and resistance levels closely watched. Unless GBP/USD breaks above 1.3560, the risk of further declines persists, potentially extending toward 1.3410. Market participants are advised to monitor price action around these critical levels.