GBP/USD appears well supported near 1.4330 – UOB

Occasional pullbacks in GBP/USD should struggle to breach the 1.4330 region, suggested analysts at UOB Group.

Key Quotes

“GBP recovered some of its recent steep drop but did not manage to move above the key short-term resistance at 1.4505 (high of 1.4473)”.

“The expected pull-back in GBP has been more rapid than expected. Immediate pressure is still on the downside and the current decline could extend further to last month’s low near 1.4330/35. This level is a major support and may not be easy to break”.

“Overall, GBP would likely stay on the defensive in the coming days unless it can move and stay above 1.4550 (1.4505 is already a strong short-term resistance)”.