GBP/USD risks a test of 1.30 – UOB

In view of the research team at UOB Group, GBP/USD could attempt a visit of the 1.3000 handle in the next 1-3 weeks.

Key Quotes

“The 1.3200 support highlighted yesterday held as expected but the subsequent rebound did not quite reach 1.3350 (high of 1.3340). The quick pull-back from the top has resulted in a mixed outlook and GBP is expected to trade sideways for today”.

“GBP spent another day trading in a relatively narrow range and the strong downward momentum after Brexit is showing further signs of slowing. That said, another leg lower to the 1.3000 target cannot be ruled out just yet”.