GBP Weakness Continues as Intraday Trade Targets 1.3470-1.3520
Financial markets are closely watching the British Pound (GBP) as it continues to show signs of weakness against the US Dollar. According to UOB's Quek Ser Leang, the GBP/USD slipped below 1.3475 before rebounding, and intraday trade is now expected between 1.3470 and 1.3520.
The pound has been under downside pressure, with building momentum indicating further weakness ahead. However, UOB notes that the major support at 1.3410 may not be tested immediately, suggesting that it could still hold strong.
UOB had previously predicted a consolidation range of 1.3485 to 1.3540 for the GBP/USD, but instead saw a decline to 1.3464 before rebounding to close at 1.3499 (-0.27%). This price action suggests that further GBP weakness is likely, although the next major support level may not be reached soon.
On the upside, breaking above 1.3540 could indicate that the 1.3410 support level is out of reach for now, at least in the short term.