United Overseas Bank’s Quek Ser Leang and Lee Sue Ann note GBP/USD failed to test major support at 1.3110, instead rebounding from 1.3152 to 1.3218 before closing at 1.3190. Short term, they expect Pound-Dollar to hold a 1.3160–1.3220 range, but maintain that there is still a chance of a drop toward 1.3110 unless 1.3245 resistance is broken.

Pound steady but bias still lower
“24-HOUR VIEW: While we held the view yesterday that GBP “could test 1.3135,” we indicated that “the major support at 1.3110 is likely out of reach.” Our view was incorrect, as after dipping to 1.3152, GBP rebounded strongly to 1.3218, before pulling back to close at 1.3190 (+0.16%). There has been no shift in either downward or upward momentum, and the fluctuations appear to be part of a range-trading phase. Today, we expect GBP to trade between 1.3160 and 1.3220.”

“1-3 WEEKS VIEW: We continue to hold the same view as yesterday (25 Jun, spot at 1.3165). As highlighted, “there is a chance for GBP to drop to 1.3110.” On the upside, a breach of 1.3245 (no change in ‘strong resistance’ level) would mean that the weakness that started last Thursday has stabilised.”

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