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GBP/USD bearish below 1.6370 – UOB Group

FXStreet (Edinburgh) - Market strategists at UOB Group expect the selling mood to prevail around the sterling as long as the market trades below the 1.6370 level.

Key Quotes

“While the target indicated at 1.6500 last Friday was exceeded with a high of 1.6525, the subsequent sharp drop was unexpected”.

“The down-move appears incomplete and the current weakness could extend towards 1.6270”.

“Only a move back above 1.6370 would indicate that the downward pressure has eased”.

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