The British Pound has mounted a sharp recovery against the US Dollar, with UOB strategist Quek Ser Leang flagging upside potential toward the key 1.3445 resistance level. The rebound creates immediate scope for cable to test this major technical barrier, though currency analysts at the Singapore-based bank believe a decisive breakthrough remains unlikely in current market conditions.
Traders should monitor support zones at 1.3390 and 1.3360 as critical near-term levels that could determine whether the pound’s rally sustains momentum or reverses. The assessment comes as GBP/USD traders navigate ongoing volatility tied to diverging central bank policies and shifting rate expectations between the Federal Reserve and Bank of England.
The technical setup suggests the pair may probe higher levels without committing to a sustained breakout above 1.3445, creating potential opportunities for range-bound trading strategies in the immediate sessions ahead.
FXnCO Insight
Watch for rejection trades near 1.3445 resistance while protecting long positions with stops below 1.3360 support.
Source: FXStreet