GBP/USD risks extra losses below 1.3735 – UOB

“We highlighted yesterday ‘the rapid drop appears to be overdone but with no signs of stabilization just yet, GBP could test 1.3760 first before a recovery are often expected’. Our view wasn’t wrong as GBP dipped to 1.3758 before rebounding quickly. Downward pressure has eased and therefore the downside risk has more or less dissipated. For today, GBP is predicted to trade sideways within a 1.3760/1.3850 range.”

Next 1-3 weeks: “There isn’t much to feature to our update from yesterday (07 Jul, spot 1.3800). As highlighted, downward momentum is starting to build but GBP has got to close below 1.3735 before a sustained decline are often expected. The prospect for GBP to shut below 1.3735 isn’t high for now but it might remain intact unless GBP moves above the ‘strong resistance’ level at 1.3880 within these few days.”

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