GBP/USD under pressure, could test 1.44 – UOB

The research team at UOB Group has shifted to a neutral stance on GBP/USD, although a visit to the 1.4400 area should not be ruled out.

Key Quotes

“The break of the 1.4550 stop-loss yesterday indicates that the recent high of 1.4738 is the extent of the bullish phase in GBP (target at 1.4770 not met)”.

“Despite the sharp drop, we prefer to hold a neutral view for now but the current decline clearly has scope to extend further to the major 1.4400 support”.

“Overall, this pair is expected to remain under pressure in the coming days unless it can move and stay above 1.4600”.