GBP/USD: 1.3060 is key resistance - UOB

Analysts at UOB Group explained that GBP/USD has been soft even though the dollar has come off generally on the back of Brexit-related worries.

Key Quotes:

"On a separate note, mortgage approvals in the UK slowed in August. The number of approvals for the purchase of residential properties fell to 36,997 in August – the second full month following Britain’s vote to leave the EU – from 37,672 in July. This was the lowest level since January 2015. Year-on-year, approval numbers were 21 per cent lower in August."

"Only a move above 1.3060 would indicate that the current bearish phase has ended."