Pound Sterling Stuck at 1.3555 Resistance

The British pound is facing stiff resistance at the 1.3555 level, according to United Overseas Bank (UOB) Group's analysis.

Despite showing some resilience, the pound has failed to break above this key resistance zone in recent sessions, reflecting a cautious market that is hesitant to add to long sterling positions amid ongoing uncertainty over the UK's economic outlook and the Bank of England's policy trajectory.

The bank's technical 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.