Pound Sterling Faces Stiff Resistance from Strong Dollar
The British pound's upside against the US dollar remains capped below $1.3555, according to United Overseas Bank (UOB) Group. The bank's technical analysis suggests that the pound has failed to break above this key resistance zone in recent sessions.
This level has held firm due to a combination of persistent dollar strength and technical resistance. UOB notes that while the pound has shown some resilience, it has not been able to overcome the 1.3555 barrier.
The bank's analysis indicates that the GBP/USD pair is likely to trade within a broad range, with support seen at $1.3400 and $1.3350. A clear break above $1.3555 would be needed to signal a more constructive outlook for the pound, but UOB suggests that such a move is unlikely in the immediate future.