GBP/USD still bearish, targets 1.4050 – UOB

The outlook on GBP/USD remains tilted to the downside, targeting the area of 1.4050 in the near-term, suggested analysts at UOB Group.

Key Quotes

“Instead of pausing for consolidation, GBP resumed its recent weakness to a low of 1.4091”.

“The weak closing suggests further downward pressure but oversold condition is expected to lead to a slower pace of decline towards 1.4050 (next significant support is at 1.4006, the low back in April)”.