The research team at UOB Group has noted the relevance of the critical support at 1.4000 the figure.
Key Quotes
“As mentioned yesterday, despite the sharp drop over the last few days, we are not convinced that the current decline in GBP is the start of a sustained down-move”.
“That said, the short-term pressure is clearly on the downside and we would have to re-evaluate our view if there is a clear break below 1.4000. All in, GBP has to reclaim 1.4205 in the next 1 to 2 days or the downward pressure will continue to build”.
(Market News Provided by FXstreet)