The British pound surged sharply against the US dollar, hitting 1.3397 before settling at 1.3391, according to United Overseas Bank currency strategist Quek Ser Leang. The strong momentum suggests cable has broken through previous resistance levels and is eyeing further upside in the near term. Leang projects the currency pair could push toward 1.3410 during today’s trading session, though reaching 1.3445 appears unlikely in the immediate timeframe. This advance marks a significant strengthening of sterling and impacts forex traders positioning in major currency pairs. The move comes as dollar weakness persists across broader markets, creating tailwinds for the pound. Traders should monitor intraday price action closely as GBP/USD approaches the 1.3410 level, where technical resistance may trigger profit-taking or consolidation. The firm closing price at 1.3391 indicates sustained buying interest rather than speculative overshoot.
FXnCO Insight
Forex traders should watch for profit-taking near 1.3410 resistance and consider tightening stops on long GBP positions as the pair approaches technical barriers.
Source: FXStreet