S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico Market
United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann highlight that GBP/USD extended gains to 1.3590, with short-term conditions remaining overbought. They see scope for a further push toward 1.3605, while judging the 1.3640 resistance as likely out of reach for now. Over the next 1–3 weeks, further Pound strength is expected unless support at 1.3415 gives way.
Further gains but upside looks stretched
“While we expected GBP to “continue to rise” yesterday, we highlighted that “overbought conditions suggest any advance is unlikely to reach the major resistance at 1.3565.” However, the strong upward momentum overwhelmed the overbought conditions as GBP soared to a high of 1.3590. “
“Conditions remain overbought, but GBP could rise to 1.3605 before leveling off. The major resistance at 1.3640 is likely out of reach. To sustain the overbought momentum, GBP must hold above 1.3525, with minor support at 1.3555.”
“Further GBP strength would not be surprising, but given the overbought short-term conditions, the next technical target at 1.3645 may not come into view so soon.”
“Overall, only a breach of 1.3415 (‘strong support’ level was at 1.3415 yesterday) would suggest that GBP is not strengthening further.”
“A weekly close below the key support at 1.3300 could trigger a decline toward the major support zone at 1.2945/1.3010.”
