According to UOB analysts Quek Ser Leang and Lee Sue Ann, the British Pound (GBP) experienced a sharp reversal against the US Dollar (USD) after briefly breaking above the 1.3445 resistance level, reaching a high of 1.3452 before retreating to close largely unchanged at 1.3402, down 0.05% on the day [1]. The pair gapped lower on the subsequent open, with analysts noting a rapid increase in downward momentum and suggesting that GBP/USD could test support at 1.3360, though a move to 1.3320 is considered unlikely in the near term [1].
The analysts highlighted that the advance in GBP/USD from late last month has ended, with the currency now expected to trade in a range between 1.3320 and 1.3445 over the coming weeks. On a broader 1–3 month view, the anticipated range is wider, between 1.3210 and 1.3655 [1]. The immediate resistance is seen at 1.3390, and a breach of 1.3410 would indicate that the current downward pressure has faded [1].
UOB's commentary reflects a shift from a previously positive outlook to a more neutral or cautious stance, as upward momentum has largely dissipated following the failed attempt to sustain gains above key resistance levels [1]. No specific market reactions or analyst opinions beyond the technical outlook were provided in the source article.
CONCLUSION
The British Pound's recent rally against the US Dollar has lost momentum, with analysts now expecting range-bound trading in the near term. Key support and resistance levels are identified at 1.3360 and 1.3445, respectively, as the market awaits further direction.