According to UOB strategists Quek Ser Leang and Lee Sue Ann, GBP/USD briefly broke above the 1.3480 resistance level before retreating to the mid-1.33s, indicating a near-term consolidation phase between 1.3350 and 1.3450 [1]. The analysts expect GBP/USD to trade within this range today, with upside risks remaining intact over the next one to three weeks [1]. However, a sustained move toward 1.3520 requires a daily close above 1.3480, while 1.3280 is identified as a strong support level [1].
The strategists emphasize that the likelihood of GBP closing above 1.3480 will persist as long as the 1.3280 support holds [1]. If GBP/USD posts a weekly close below the key support at 1.3300, it could trigger a decline toward the major support zone at 1.2945/1.3010 [1]. As of March 6, 2026, GBP/USD was trading at 1.3310 [1].
No specific market reactions or analyst opinions beyond the technical outlook were discussed in the article [1].
CONCLUSION
GBP/USD is currently consolidating, with upside potential dependent on a daily close above 1.3480 and strong support at 1.3280. A weekly close below 1.3300 could lead to further downside toward 1.2945/1.3010. The market remains in a wait-and-see mode, with technical levels guiding near-term direction.