UOB believe GBP/USD may decline to 1.1300.

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UOB analysts provided their bearish outlook on GBP/USD, stating that the pair can move down to 1.1300 levels. “While further GBP weakness would not be surprising, the record breaking drop last Friday is severely over-extended. That said, the 1.3225/30 low appears to be a tenuous support and a move to 1.3000 in the coming days would not be surprising. Resistance is at 1.3770 but only a move back above last Friday’s NY high of 1.3980 would indicate that a temporary low is in place” written in the report.

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