UOB’s Quek Ser Leang notes a slight pickup in GBP/USD upward momentum after a swing between 1.3213 and 1.3277, with a retest of 1.3275 possible but further gains seen limited. On a 1–3 week horizon, the bank turned positive, expecting further rebound while uncertain if 1.3355 can be reached, as long as support at 1.3180 holds. Longer term, range-trading is anticipated.

Pound-Dollar upside constrained by 1.3355

“24-HOUR VIEW: GBP rose to a high of 1.3262 two days ago. When it was at 1.3255 in the early Asian session yesterday, we highlighted the following: “There is scope for GBP to rise further and test 1.3280. A sustained break above this level appears unlikely. The major resistance at 1.3355 is not expected to come into view. Supports are at 1.3230 and 1.3210.” GBP subsequently dipped to 1.3213, rose sharply to 1.3277, and then eased to close largely unchanged at 1.3264 (+0.03%). There has been a slight increase in upward momentum, and GBP may retest the 1.3275 level. A continued rise above this level is unlikely. Support is at 1.3230; a breach of 1.3215 would indicate that the current mild upward pressure has eased.”

“1-3 WEEKS VIEW: We revised our view from negative to positive yesterday (30 Jun, spot at 1.3255). We indicated that “there has been a build-up in momentum, but while GBP could rebound further, it is currently unclear whether any advance can reach 1.3355.” We will continue to hold the same view as long as GBP holds above 1.3180 (no change in ‘strong support’ level).”

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