GBP/USD: Upside pressure mitigated below 1.2350 – UOB

Pablo Piovano FXStreet

In the opinion of Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, the upward bias could lose traction if GBP/USD breaks below 1.2350.

Key Quotes

24-hour view: We indicated yesterday that GBP “appears to have entered a consolidation phase”, and we held the view that it “is likely to trade in a range of 1.2380/1.2480”. GBP then dipped to 1.2377, rebounded to 1.2455, and then eased off to close largely unchanged at 1.2415 (+0.01%). The price movements still appear to be consolidative, and we continue to expect GBP to trade in a range, probably between 1.2375 and 1.2460.

Next 1-3 weeks: Our latest narrative was from two days ago (15 Nov, spot at 1.2490), wherein GBP “is likely to continue to advance, but it has to break clearly above 1.2580 before a further sustained rise is likely.” Since then, GBP has not been able to make any headways on the upside as it eased off over the past couple of days. While upward momentum has waned somewhat, only a breach of 1.2350 (no change in ‘strong support’ level from yesterday) would indicate that GBP is not advancing further.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

GBP/USD flirts with weekly highs in the Fed's aftermath

GBP/USD reversed early losses following the Federal Reserve decision to keep rates on hold and neared the 1.3360 level before shedding some ground. Focus shifts to Governor Kevin Warsh's speech, while the Bank of England will announce its monetary policy decision on Thursday.

EUR/USD extends rally pass 1.1450 on Fed's Warsh

EUR/USD trades at fresh weekly highs above 1.1450, following the Federal Reserve monetary policy decision to keep interest rates on hold. The statement showed policymakers remain confident in economic progress while blaming inflation on energy prices. The divided vote among officials put in doubt a September hike, leading to sharp US Dollar losses.

Gold hovers around $4,100 as Fed decision hits the USD

Gold surged following the Federal Reserve's decision to keep the benchmark interest rate unchanged at 3.50%-3.75%. Policymakers noted that inflation remains elevated and that economic activity is expanding at a solid pace despite elevated uncertainty, spurring doubts about a rate hike in September. XAU/USD peaked above $4,100, now battling to retain the level.

Bitcoin slips below support, Ethereum and XRP flash bearish signals

Bitcoin, Ethereum and Ripple remain under pressure on Wednesday after a mild correction earlier this week. BTC slips below a key support zone, and ETH is testing a key resistance zone. Meanwhile, XRP is drifting toward the psychologically important $1.00 support level.

How the CLARITY Act unlocks Wall Street’s tokenization pipeline

The United States (US) Digital Asset Market Clarity Act (CLARITY Act), awaiting a full Senate floor vote, promises to unlock Wall Street’s potential to tokenize financial assets, including equities, US Treasuries, private credit, real estate and commodities at a scale that could supercharge the real-world asset (RWA) market from the current $17 billion level to $5.5 trillion by 2030, according to

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.