The British pound remains under pressure against the US dollar as United Overseas Bank maintains a bearish outlook on the currency pair. UOB’s Quek Ser Leang notes GBP/USD is trading without clear directional momentum, with intraday movement likely confined to a narrow range between 1.3175 and 1.3225.
The Singapore-based bank has issued a negative view for the next one to three weeks, projecting potential downside toward the 1.3110 level. Upside attempts face firm resistance at 1.3245, effectively capping any near-term rally attempts. This technical setup suggests limited appetite for sterling strength despite recent stabilization.
Traders should watch for a break below 1.3175 as a trigger for accelerated selling toward the 1.3110 target. Currency markets remain sensitive to upcoming economic data releases and central bank signals that could shift momentum.
FXnCO Insight
GBP/USD traders should position defensively with stops above 1.3245 and consider fade opportunities on rallies toward resistance as the bearish bias persists through month-end.
Source: FXStreet