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GBP/USD: Recovery extends but upside limited – UOB

According to UOB’s Quek Ser Leang, GBP/USD rebounded to 1.3364 and may edge higher toward 1.3410, though a clear break above that level is seen as unlikely given only modest momentum. Intraday, gains are expected to stay below 1.3390, with support at 1.3335 and 1.3320. On a multi-week view, a weekly close below 1.3300 could still trigger a deeper slide toward 1.2945/1.3010.

Pound holds rebound within resistance band

"24-HOUR VIEW: We expected GBP to “range-trade between 1.3250 and 1.3350” yesterday. GBP subsequently dropped to 1.3274 and then rose to a high of 1.3364. There is scope for GBP to rise further today but given that there is no significant increase in upward momentum, any advance is unlikely to reach 1.3390 (there is another resistance level at 1.3375). On the downside, support levels are at 1.3335 and 1.3320."

"1-3 WEEKS VIEW: Last Friday (13 Mar, spot at 1.3350), we indicated that “if GBP breaks and holds below 1.3325, the likelihood of GBP moving to last week’s low of 1.3255 will increase.” After GBP dropped to a low of 1.3220, we highlighted on Monday (16 Mar, spot at 1.3240) that GBP “is negative now, and the level to watch is 1.3180.” Yesterday, GBP rebounded for the second straight day and broke above our ‘strong resistance’ level at 1.3350, invalidating our negative view. The slight increase in momentum suggests GBP could edge higher to 1.3410. Based on the current momentum, a clear break above this level appears unlikely. To sustain the mild momentum, GBP must hold above 1.3270 (‘strong support’ level)."

"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.)

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FXStreet Insights Team

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.

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