According to United Overseas Bank analysts Quek Ser Leang and Lee Sue Ann, the British Pound (GBP) failed to test the major support level at 1.3110 against the US Dollar (USD), instead rebounding from a low of 1.3152 to a high of 1.3218 before closing at 1.3190, representing a 0.16% gain for the session [1]. The analysts note that there has been no significant shift in either downward or upward momentum, characterizing the recent price action as part of a range-trading phase [1].
For the short term, UOB expects GBP/USD to trade within a 1.3160–1.3220 range [1]. However, they maintain that there is still a possibility for the Pound to drop toward the 1.3110 support level unless the pair breaks above the 1.3245 resistance, which would indicate that the recent weakness has stabilized [1].
The analysts' view from the previous day, which anticipated a potential test of 1.3135, was not realized as the Pound rebounded before reaching that level [1]. They reiterate that the current fluctuations are consistent with range-bound trading and see no clear directional bias in the immediate term [1].
No market reactions or analyst opinions beyond the technical outlook are discussed in the article [1].
CONCLUSION
The British Pound remains in a range-bound phase against the US Dollar, with analysts highlighting key support at 1.3110 and resistance at 1.3245. Unless the resistance is breached, the bias remains slightly lower, but no decisive momentum is evident. Market impact is expected to be limited in the near term.