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Sharp rebound has scope to test 1.3495 before a pullback can be expected; 1.3520 is not expected to come under threat. In the longer run, GBP is likely in a range-trading phase between 1.3390 and 1.3520, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
💡 DMK Insight
GBP’s recent rebound could hit 1.3495, but traders should brace for a pullback soon. With the currency likely stuck in a range between 1.3390 and 1.3520, it’s crucial to watch these levels closely. A test of 1.3495 could attract sellers, especially if momentum indicators show signs of exhaustion. If the pair fails to break above 1.3520, it might signal a stronger pullback, potentially leading to a revisit of the lower end of the range at 1.3390. This range-bound behavior suggests a cautious approach for day traders, as volatility may remain limited. Keep an eye on economic data releases that could impact GBP sentiment, as any surprises could trigger moves beyond these established levels.
📮 Takeaway
Watch for GBP to test 1.3495; a failure to break above could lead to a pullback towards 1.3390.
