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GBP/USD rebounds, but seen capped within a tight range

UOB’s Quek Ser Leang expects GBP/USD to stay between 1.3215 and 1.3265, with 1.3140 as the next major support.

Reported · Written up by our desk · Major Pairs

FXStreet reports United Overseas Bank strategist Quek Ser Leang said GBP/USD rebounded to 1.3238 after failing to extend Thursday’s decline, but he expects intraday gains to remain capped.

He outlined a near-term range of 1.3215 to 1.3265, adding that he does not expect the pair to break clearly above 1.3265.

Over the next one to three weeks, UOB maintains a mildly negative stance, looking for a move toward 1.3140, where he sees major support, while 1.3265 is acting as strong resistance.

In his view, a broader downside bias remains even after the rebound, with the pair previously dipping to 1.3184 before rising to around 1.3256.

Latest closeGBP/USD 1.323 ▼0.3%

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