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United Overseas Bank’s (UOB) Quek Ser Leang highlights GBP/USD’s volatile session, with a spike from 1.3401 to 1.3481 and scope for further gains toward 1.3520, though overbought conditions may cap upside. For the next 1–3 weeks, he sees strong momentum but questions whether the pair can break and hold above 1.3555, with support around 1.3385.
Upside momentum tempered by overbought
“24-HOUR VIEW: GBP traded in a relatively volatile manner last Friday, dropping to a low of 1.3401 before rising sharply to close at 1.3481 (+0.13%). While the sharp rise has scope to extend, overbought conditions could limit any gains to a test of 1.3520. The major resistance at 1.3555 is not expected to come into view. Support is at 1.3450; a breach of 1.3425 would indicate that the current upward pressure has eased.”
“1-3 WEEKS VIEW: GBP broke above the significant resistance at 1.3400 last week and soared to 1.3494. While strong momentum suggests further upside, it remains to be seen whether GBP can break and hold above the next significant resistance at 1.3555. To sustain the momentum, GBP must hold above the ‘strong support’ level, currently at 1.3385”
