Is GBP/USD Poised for a Sharp Drop to 1.3400? UOB Group’s Warning Could Change Your Trading Game Overnight!
So, here’s the thing about the Pound Sterling right now — it’s like watching a cat cautiously inching closer to the edge of the table, maybe daring to jump but holding back just enough not to fall. Sure, the GBP might dip toward 1.3400, but breaking that barrier? Highly doubtful. Why? Because according to UOB Group’s sharp-eyed analysts, this currency isn’t about to dive off a cliff anytime soon; instead, it’s more like a stubborn rock climber, playing it safe and steady between 1.3360 and 1.3525. Makes you wonder — is this a sign of calm before some wild storm, or just another day in the unpredictable world of forex? Either way, if you’re trading or investing, knowing where the floor and ceiling are can be a game changer. Curious for more? LEARN MORE.
Pound Sterling (GBP) may decline toward 1.3400; a clear break below this level appears unlikely. In the longer run, GBP is likely to trade in a range between 1.3360 and 1.3525, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Clear break below 1.3400 appears unlikely
24-HOUR VIEW: “GBP fell to a low of 1.3402 last Thursday. On Friday, we were of the view that GBP ‘may retest the 1.3400 level.’ Our view did not materialise, as GBP traded in a range of 1.3430/1.3488. GBP gapped lower at the open today, and it may continue to decline toward 1.3400. Based on the current momentum, a clear break below this level appears unlikely. On the upside, any recovery is likely to hold below 1.3475, with minor resistance at 1.3455.”
1-3 WEEKS VIEW: “In our most recent narrative was from last Tuesday (30 Sep, spot at 1.3435), we held the view that GBP ‘is likely to trade in a range between 1.3360 and 1.3525.’ While there has been a slight increase in downward momentum, it is not sufficient to indicate a sustained decline. For the time being, we will continue to expect GBP to trade in a range between 1.3360 and 1.3525.”
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