The British Pound extended losses against the US Dollar overnight, dipping to 1.3475 before recovering slightly to close at 1.3485, according to United Overseas Bank currency strategists Quek Ser Leang and Lee Sue Ann. While intraday momentum remains bearish for Cable, UOB analysts anticipate downside will be capped near the 1.3465 support level. The pair continues trading within a defined range, with strategists noting that a move back above 1.3510 would signal a return to consolidation rather than continued decline. The technical outlook suggests GBP/USD remains vulnerable to near-term pressure but faces significant support just below current levels. Traders should monitor the 1.3465 floor closely for signs of stabilization, while a break above 1.3510 would neutralize the current bearish intraday bias.
FXnCO Insight
GBP/USD traders should watch for potential buy opportunities near 1.3465 support with stops below, targeting a range-bound bounce back toward 1.3510.
Source: FXStreet