GBP/USD top in place? – UOB

The research team at UOB Group suggested GBP/USD could have carved an interim top above the 1.3400 handle.

Key Quotes

“GBP dropped directly without testing the major 1.3480 resistance. The quick decline from the 1.3445 high appears to have scope to extend lower even though any further weakness is expected to encounter solid support at 1.3300”.

“While we highlighted the waning upward momentum yesterday, the sharp and rapid drop to a low of 1.3320 was unexpected. The stop-loss for our bullish view at 1.3300 is coming under threat and unless GBP can move and stay above 1.3400 within these 1 to 2 days, the risk of a short term top would continue to increase”.