According to United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann, the British Pound (GBP) has rebounded strongly against the US Dollar (USD), reaching 1.3255 and invalidating their previous downside-bias outlook [1]. The GBP/USD pair experienced a sharp rise from 1.3205 to 1.3259, closing firmly at 1.3255 with a gain of 0.34% [1]. Despite this upward movement, the analysts express skepticism about the Pound's ability to break the major resistance level at 1.3280 without stronger upside signals [1].
In the short term, UOB notes that while the advance could extend, the lack of significant upward momentum suggests that GBP/USD may not surpass the 1.3280 resistance [1]. For the Pound to maintain its current momentum, it must stay above 1.3230, with minor support identified at 1.3245 [1]. Over the next one to three weeks, UOB expects GBP/USD to remain range-bound between 1.3170 and 1.3280 [1]. Should the Pound break above 1.3280, another resistance level is anticipated at 1.3310 [1].
No market reactions or analyst opinions beyond UOB's technical outlook are discussed in the article [1].
CONCLUSION
The British Pound has shown resilience against the US Dollar, but faces significant resistance at 1.3280 according to UOB analysts. Unless stronger upward momentum emerges, GBP/USD is expected to trade within a defined range in the coming weeks. Market participants should watch for a potential break above 1.3280, which could open the way to further gains.