British Pound faces renewed selling pressure with analysts at UOB warning of further downside risk toward the 1.3240 level against the US Dollar. Currency strategists Quek Ser Leang and Lee Sue Ann report that GBP/USD remains vulnerable following last week’s sharp decline, with expectations that the pair could test support at 1.3300 before any meaningful recovery materializes.
The assessment comes as sterling continues to struggle amid persistent dollar strength and ongoing economic headwinds. Traders holding long GBP positions should prepare for additional weakness in the near term, with the 1.3300 psychological level serving as the immediate support zone to watch. A break below this threshold would open the path to 1.3240, representing further erosion in the pound’s value.
The outlook suggests limited upside potential for cable in the immediate trading sessions, with any bounce likely to be temporary until key support levels are tested.
FXnCO Insight
Traders should monitor 1.3300 closely as the critical support level, with stop-losses recommended below 1.3280 to manage downside risk exposure.
Source: FXStreet