GBP/USD risks further retracements – UOB

In opinion of FX Strategists at UOB Group, Cable remains vulnerable to further decline in the next weeks.

Key Quotes

“GBP closed largely unchanged yesterday but we continue to see risk of a deeper down-move in the coming days”.

“However, only a daily closing below the rising trend-line support at 1.3225 would indicate that a move towards 1.3100 has started”.

“This scenario would not be surprising unless GBP can move and stay above 1.3325 within these 1 to 2 days”.