GBP/USD: No hurdles in sight on the way to the 1.3150 support zone – OCBC

GBP/USD seems to have gone into a consolidation phase below 1.3400 following a three-day decline. Economists at OCBC Bank expect the cable to find little support on its way to the 1.3150 level.

1.3350 is the immediate target

“Retain heavy tone for now, with 1.3350 as the immediate target.”

 “Short-term implied valuations imply significant downside room.”

“From a technical basis, there may also not be firm supports until the 1.3150 zone.”