GBP/USD: Negative bias capped by 1.3350 – UOB

FXStreet Insights Team FXStreet

According to UOB’s Senior Technical Strategist Quek Ser Leang, GBP/USD’s sharp rebound from 1.3226 to 1.3340 looks like short-covering rather than a trend change. The pair is expected to range between 1.3250 and 1.3350 intraday. On a 1–3 week basis, the outlook remains negative with 1.3180 as the key level, while a weekly close below 1.3300 could open 1.2945/1.3010 over the coming months.

Pound still seen vulnerable on rallies

"After GBP dropped to a low of 1.3220, we highlighted yesterday (16 Mar, spot at 1.3240) that GBP “is negative now, and the level to watch is 1.3180.” GBP then staged a sharp rebound that almost breached our ‘strong resistance’ level at 1.3350 (high was 1.3340)."

"The build-up in downward momentum has slowed, but we will maintain our view for now."

"The rebound appears to be part of a short-covering and is unlikely to be sustained. Today, we expect GBP to range-trade, most likely between 1.3250 and 1.3350."

"A weekly close below the key support at 1.3300 could trigger a decline toward the major support zone at 1.2945/1.3010. (dated 06 Mar 2026, 1.3310)"

(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: Downward-sloping trendline near 1.3470 remains key barrier

The British pound faces selling pressure against its major currency peers, trading 0.1% lower at around 1.3420 against the US Dollar during the European trading session on Tuesday.

EUR/USD flatlines above 1.1500, awaits US jobs data

EUR/USD holds steady around 1.1505 in European trading hours on Tuesday. Markets remain cautious ahead of a slew of US jobs data, starting with the JOLTS Job Openings Survey later today. However, the downside appears capped by hot Eurozone inflation in July, bolstering the case for a European Central Bank rate hike at the next meeting.

Gold holds steady above $4,050; hawkish Fed bets favor bearish traders

Gold remains confined in a range below the $4,100 mark through the early European session as traders opt to wait for further developments surrounding the Middle East crisis. Meanwhile, the uncertainty over US-Iran peace talks continues to act as a tailwind for the safe-haven US Dollar.

Aave: Bearish RSI divergence risks a 20% drop despite steady DeFi deposits

Aave (AAVE) extends a mild near-term recovery on Tuesday, holding above its 50-day Exponential Moving Average at $90.80. Aave protocol’s V3 deployment on Monad blockchain recorded over $500 million in deposits over the last month, reflecting increased user adoption.

US JOLTs report in focus

In the US, the June JOLTs report will be in the spotlight. Job openings have increased modestly this year, which has historically predicted rising wage cost pressures ahead. June trade balance data will also be released in the afternoon and the preliminary reading pointed towards a stable trade deficit from May. The Fed's Schmid (non-voter, hawk) will be on the wires overnight.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.