GBP/USD vulnerable to further downside – UOB

By FXStreet FXStreet (Edinburgh) – The ongoing weakness around GBP/USD has opened the door to test the area of 1.4230, according to the research team at UOB Group.

Key Quotes

“While the current GBP weakness is severely oversold, there is no sign that we are close to making a bottom”.

“The recent low of 1.4352 is clearly a strong support but a clear break below this level could lead to acceleration lower towards the May 2010 low of 1.4228”.

“Stop-loss remains at 1.4570 for now even though 1.4480 is already a strong short-term resistance”.
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Source:: FX Street