GBP/USD risks extra downside below 1.4080 – UOB

24-hour view: “We expected GBP to ‘trade between 1.4120 and 1.4185 yesterday’. GBP subsequently rose to 1.4190 before dropping sharply to 1.4110 during NY hours. While the rapid decline has room to dip below the main support at 1.4100, an opportunity of last week’s low near 1.4080 appears unlikely. Resistance is at 1.4140 followed by 1.4165.”

Next 1-3 week: “We highlighted yesterday (09 Jun, spot at 1.4155) that ‘the outlook is unclear’ and that we expected GBP to ‘trade between 1.4100 and 1.4205’. GBP subsequently rose to 1.4190 before dropping sharply to 1.4110. While shorter-term downward momentum is starting to improve and an opportunity of 1.4100 wouldn’t be surprising, GBP has got to close below 1.4080 before a sustained decline are often expected. At this stage, the prospect for GBP to shut below 1.4080 isn’t high but it might increase further as long as GBP doesn’t move above 1.4185 within these few days.”

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