The British Pound (GBP) continued its upward trajectory against the US Dollar (USD), invalidating a recent neutral outlook after breaking above the key resistance level of 1.3555 and closing higher at 1.3532, representing a 0.33% gain on the day [1]. According to United Overseas Bank’s (UOB) analyst Quek Ser Leang, the intraday momentum suggests GBP could extend its rise toward 1.3570, with 1.3600 identified as a firm resistance level [1].
UOB’s analysis indicates that the upside bias for GBP/USD remains intact as long as the pair holds above 1.3495, which is considered the 'strong support' level. Any breach below this level would signal that GBP is not ready to move toward the 1.3600 target [1]. Minor support is noted at 1.3525, and to sustain the current momentum, GBP must remain above 1.3510 [1].
Previously, UOB had shifted to a neutral stance on GBP/USD, expecting the currency pair to trade within a range of 1.3440 to 1.3540. However, the sharp move above 1.3555 prompted a reassessment, with the current outlook favoring further gains, albeit with expectations that advances will likely stall near the 1.3600 resistance [1].
No specific market reactions or broader implications were discussed in the source, nor were any ticker symbols mentioned [1].
CONCLUSION
The British Pound has reasserted its upward momentum against the US Dollar, with analysts now targeting the 1.3600 resistance level as the next key hurdle. The market maintains a constructive bias as long as GBP/USD stays above 1.3495, though gains are expected to be capped near 1.3600.