GBP/USD neutral, 1.4330 still a chance – UOB

Analysts at UOB Group remain neutral on GBP/USD, although there is still room for a test of the 1.4330 area.

Key Quotes

“We adopted a neutral stance for GBP since late last week and were of the view that the pull-back has room to extend lower to test the major 1.4330/35 support (last month’s low)”.

“While there is no change to our view, the sharp rebound from the low of 1.4350/55 yesterday has diminished the odds for further weakness”.

“That said, only a move back above 1.4505/10 would indicate that the immediate downward pressure has eased”.