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GBP/USD: Major support at 1.3390 is unlikely to come under threat – UOB Group
Key Takeaways (30s Read)
GBP/USD is expected to hold above major support at 1.3390, according to UOB Group analysts.
GBP/USD is currently facing the key support level at 1.3390. According to UOB Group analysts, this support is unlikely to break. In the longer term, the pound is expected to remain in a range-trading phase between 1.3390 and 1.3520. Recent price movements have shown signs of a pullback, with the market expected to continue trading while remaining mindful of this support. If this level holds strong, there could be an increased expectation for an upward trend. However, if external factors lead to a breach below the support, adjustment possibilities at lower levels must be considered. Thus, a cautious approach is advised when establishing positions.
AI Analyst
AI Opinion
"The current price of GBP/USD hovers around the critical support level of 1.3390, which is expected to hold firm according to analysts. The long-term outlook suggests a range-bound movement between this level and 1.3520. The market is attentive to this support, and a potential pullback could occur. However, external factors and economic indicators present risks for price volatility. If the sentiment remains bullish, movements towards the upper limit at 1.3520 may be observed. Investors need to remain alert to these risks, making careful analysis crucial for planning subsequent trades."
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