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Pound Sterling (GBP) is likely to range-trade between 1.3400 and 1.3460. In the longer run, the near-term bias is tilted to the upside, but GBP may not break above 1.3505, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
💡 DMK Insight
GBP’s current range between 1.3400 and 1.3460 is a critical zone for traders right now. With the near-term bias leaning upward, traders should watch for any momentum that could push GBP above 1.3505. However, the analysts from UOB Group suggest that this level might act as a strong resistance. If GBP fails to break through, it could lead to a pullback towards the lower end of the range. This situation is compounded by broader market factors, including potential shifts in UK economic data and interest rate expectations. Keep an eye on upcoming economic releases that could influence sentiment. A failure to break 1.3505 could signal a shift in momentum, making it essential to monitor price action closely for potential reversals or breakouts in the coming days.
📮 Takeaway
Watch for GBP’s movement around 1.3505; a failure to break this level could signal a pullback towards 1.3400.
