According to United Overseas Bank (UOB) strategist Quek Ser Leang, the British Pound (GBP) recovered to 1.3238 against the US Dollar (USD) after failing to extend Thursday’s decline, with the pair rebounding to a high of 1.3256 following a dip to a low of 1.3184 [1]. Despite this rebound, UOB maintains a mildly negative stance on GBP/USD, expecting any intraday gains to remain capped within the 1.3215–1.3265 range, with 1.3265 acting as strong resistance [1].
UOB’s 1–3 week outlook remains slightly negative, with the expectation that GBP/USD could edge lower toward the major support level at 1.3140, provided the resistance at 1.3265 is not breached [1]. The strategist notes that while downward momentum is building, it is not strong at present, and the recent rebound has eased some of the pressure, but the overall downside bias persists [1].
No significant market reactions or analyst opinions beyond UOB’s technical outlook are discussed in the article. There are no forward-looking statements regarding broader market implications or macroeconomic drivers [1].
CONCLUSION
UOB maintains a mildly negative outlook for GBP/USD, expecting the pair to remain capped below 1.3265 and potentially edge lower toward 1.3140. The rebound in the British Pound is seen as limited, with downside bias lingering in the near term.