GBP/USD remains below 1.3335 – UOB Group

FXStreet Insights Team FXStreet

Provided Pound Sterling (GBP) remains below 1.3335 against US Dollar (USD), it could edge lower to 1.3265. In the longer run, the current price movements are part of a 1.3240/1.3450 range-trading phase, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Price movements are part of a 1.3240/1.3450 range-trading phase

24-HOUR VIEW: "Two days ago, GBP soared to 1.3402 and then pulled back sharply. Yesterday, when GBP was at 1.3350, we indicated that 'the pullback from the high amid overbought conditions suggests GBP is likely to trade in a range today, expected to be between 1.3300 and 1.3400.' Instead of trading in a 1.3300/1.3400 range, GBP dropped to a low of 1.3281, closing on a soft note at 1.3290 (-0.60%). There has been a slight increase in downward momentum, but it is not sufficient to suggest a sustained decline. Today, provided that GBP remains below 1.3335 (minor resistance is at 1.3320), it could edge lower to 1.3265. A dip below this level is not ruled out, but based on the current momentum, any further decline is unlikely to reach the major support at 1.3240."

1-3 WEEKS VIEW: "We indicated yesterday (07 May, spot at 1.3350) that 'The current price movements as part of a 1.3240/1.3450 range-trading phase.' There is no change in our view. That said, the slight increase in short-term downward momentum indicates the increasing risk of GBP breaking below 1.3240."

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 deflates to multi-week lows near 1.1640

EUR/USD is down for the third straight day on Thursday, coming under extra downside pressure and approaching its transitory 55-day SMA around 1.1640 amid tge persistent recovery in the Greenback. Moving forward, market participants should remain prudent ahead of the release of Friday’s US NFP figures.

GBP/USD: Further weakness could challenge 1.3400

GBP/USD remains under unabated selling pressure on Thursday, slipping to fresh three-day lows around 1.3415 in response to further improvement in the sentiment surrounding the Greenback ahead of Friday’s key NFP data.

Gold edges lower as bulls opt to wait for the crucial US NFP report

Gold struggles to capitalize on the previous day's goodish move up from the vicinity of the $4,400 mark and attracts some sellers during the Asian session on Friday as bulls seem reluctant ahead of the US NFP report. The critical US employment details will offer more cues about the Fed's rate-cut path, which, in turn, will influence the US Dollar price dynamics and provide a fresh impetus to the non-yielding bullion. In the meantime, dovish Fed expectations and rising geopolitical tensions might continue to act as a tailwind for the XAU/USD.

XRP slides as institutional and retail demand falters

Ripple (XRP) is trading down for the third consecutive day on Thursday amid escalating volatility in the cyrptocurrency market. After peaking at $2.41 on Tuesday, its highest print since November 14 amid the early-year rally, XRP has quickly ran into aggressive profit-taking.

2026 economic outlook: Clear skies but don’t unfasten your seatbelts yet

Most years fade into the background as soon as a new one starts. Not 2025: a year of epochal shifts, in which the macroeconomy was the dog that did not bark. What to expect in 2026? The shocks of 2025 will not be undone, but neither will they be repeated.

XRP slides as institutional and retail demand falters

Ripple is trading down for the third consecutive day on Thursday amid escalating volatility in the cyrptocurrency market. After peaking at $2.41 on Tuesday, its highest print since November 14 amid the early-year rally, XRP has quickly ran into aggressive profit-taking.