United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann have reiterated their negative outlooks on both the British Pound and the Euro against the US Dollar, citing ongoing downward momentum in both currency pairs [1][2]. For GBP/USD, the pair eased to around 1.3370, closing 0.18% lower at 1.3369 after trading between 1.3366 and 1.3399. The analysts expect a test of last week’s low near 1.3335, but consider a sustained break below this level and the major 1.3300 support as unlikely. They note that while downside risk persists over a 1–3 week horizon, the deeply oversold conditions cast doubt on the pair's ability to reach 1.3300. A breach of the 1.3435 resistance would indicate that the weakness is stabilizing [1].
Similarly, UOB maintains a bearish bias on EUR/USD after the pair closed 0.18% lower at 1.1464, having briefly risen to 1.1495 during the New York session. The analysts foresee mild intraday downside, but do not expect the pair to break below 1.1435 in the immediate term. Over a 1–3 week period, they anticipate a move toward 1.1435 with a possible extension to 1.1400. A break above 1.1520 would signal that the decline is stabilizing [2].
Both currency pairs are described as remaining under pressure versus the US Dollar, with only tentative or mild downward momentum observed in the short term. The analysts emphasize that while the risk remains on the downside, oversold conditions in GBP/USD and mild momentum in EUR/USD suggest that further significant declines may be limited unless key resistance levels are breached [1][2].
No specific market reactions or broader implications are discussed in the sources, and there are no forward-looking statements from other analysts beyond UOB’s technical perspectives [1][2].
CONCLUSION
UOB analysts continue to see downside risks for both GBP/USD and EUR/USD, though oversold and mild momentum conditions may limit further declines in the near term. Key support and resistance levels will be critical in determining whether the current downtrends persist or stabilize. The market remains cautious as both pairs trade near recent lows.