GBP/USD: Likely to trade in a lower range of 1.3480/1.3560 – UOB Group

FXStreet Insights Team FXStreet

The slight increase in downward momentum suggests GBP is likely to trade in a lower range of 1.3480/1.3560. In the longer run, upward momentum is beginning to wane, but only a breach of 1.3460 would mean that 1.3635 is out of reach this time round, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

Upward momentum is beginning to wane

24-HOUR VIEW: "Our view for GBP to 'consolidate 1.3540 and 1.3600” yesterday was incorrect, as it fell to 1.3501 before closing at 1.3507, down 0.42%. The decline only resulted in a slight increase in downward momentum, and rather than a sustained drop, GBP is more likely to trade in a lower range of 1.3480/1.3560 today."

1-3 WEEKS VIEW: "We have held a positive GBP view since the middle of last week. In our most recent narrative from two days ago (26 May, spot at 1.3530), we pointed out that 'upward momentum remains strong.' We added, The next objective is 1.3635.' Yesterday, GBP saw a surprisingly sharp pullback, dropping to a low of 1.3501. While upward momentum is beginning to wane, only a break below 1.3460 (no change in ‘strong support’ level from yesterday) would mean that 1.3635 is out of reach this time round."

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.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Breaking: US and Israel attack Iran, risk aversion to sweep global markets

Early Saturday, United States (US) President Donald Trump announced that the US had begun “major combat operations” in Iran, following Israel’s pre-emptive missile attacks against Tehran.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.