British Pound: Pressure builds on 1.3160 support against US Dollar – UOB

FXStreet Insights Team FXStreet

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann stay bearish on GBP/USD after the pair slipped to 1.3183, with downside momentum modest but building. Intraday, he sees scope for a test of the major 1.3160 support, while resistance is at 1.3235. Over 1–3 weeks, they still look for a break below 1.3160, targeting 1.3110 if 1.3265 caps.

Sterling remains on the defensive

"24-HOUR VIEW: GBP rebounded to a high of 1.3272 two days ago before pulling back. When GBP was at 1.3250 in the early Asian session yesterday, we highlighted that “the price action did not result in any clear shift in either downward or upward momentum,” and we expected GBP to “range-trade between 1.3205 and 1.3275.” Our assessment was incorrect, as instead of range-trading, GBP fell to a low of 1.3183. Downward momentum has increased, but not significantly. Today, GBP could edge lower and test the major support at 1.3160. Currently, it is too early to determine whether GBP can break and hold below this level. To keep the momentum going, GBP must not break above 1.3235 (minor resistance is at 1.3215)."

"1-3 WEEKS VIEW: We turned negative on GBP last Thursday (18 Jun, spot at 1.3300). In our most recent narrative from Friday (19 Jun, spot at 1.3205), we indicated that GBP “is expected to continue to weaken, and the next level to watch is 1.3160.” Although 1.3160 remains untested, as long as 1.3265 (‘strong resistance’ level previously at 1.3305) is not breached, there remains a chance for a break below this level. Looking ahead, the next level to watch below 1.3160 is 1.3110."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

GBP/USD consolidates recent losses around 1.3200

GBP/USD enters a bearish consolidation phase around 1.3200 in early Europe on Wednesday. The pair's rebound remains capped amid a broadly firmer US Dollar and chaotic UK political environment. The focus is now on BoE-speak for fresh trading impetus.

EUR/USD sits at yearly low near 1.1350 on USD strength

EUR/USD sits at yearly lows near 1.1350 in the European morning on Wednesday. The pair remains vulnerable to further declines amid a bullish US Dollar. The Greenback continues to draw support from hawkish Fed bets and US-Iran peace deal uncertainty.

Gold bounces off $4,050 but downside risks persist

Gold rebounds from a nearly two-week low of $4,050 in the early European session on Wednesday. Despite easing inflationary concerns in the face of the recent fall in Crude Oil prices, traders have been pricing in a greater chance of a rate hike by the US Federal Reserve, which will continue to limit the bullion's recovery.

Dogecoin tests a key make-or-break point amid waning retail support

Dogecoin trades below $0.08000 maintaining a steady decline for the seventh straight week. The meme coin is losing its retail strength as DOGE futures Open Interest drops 10% in 24 hours, while institutional demand remains muted with zero inflows so far this week.

Tech rout weighs on US stocks as the USD clocks a fresh 2026 high

Major US equity benchmarks ended Tuesday’s session considerably in the red, with the Nasdaq 100 down 3.3%, the S&P 500 off by 1.4%, and the Dow Jones down 0.1%. Stocks were largely weighed down by tech amid doubts over the AI-driven rally; the Philadelphia Semiconductor Index slid nearly 8%.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.