United Overseas Bank analyst Quek Ser Leang reports the British Pound has invalidated its recent neutral stance against the US Dollar after breaking through the 1.3555 resistance level and settling near 1.3532. The move confirms the uptrend remains intact for the GBP/USD currency pair.
UOB forecasts the Pound may extend gains during intraday trading toward 1.3570, though analysts identify strong resistance at the 1.3600 level. The upward momentum represents a shift from previous consolidation patterns and suggests renewed buying interest in Sterling.
Forex traders and currency market participants should monitor whether the pair can sustain momentum above current levels or if the 1.3600 cap proves too formidable in the near term. The breakout signals potential for further upside but requires confirmation through sustained trading above recent highs.
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Traders should watch for a confirmed break and close above 1.3570 to position for a test of 1.3600 resistance, while remaining alert for rejection at that cap which could trigger profit-taking.
Source: FXStreet