EUR/USD: Bearish Signal On A Daily Close; GBP/USD: Next Target - UOB

Despite the generally weak undertone in EUR/USD, only a daily closing below 1.0580 would indicate the start of a fresh bearish phase, says UOB Group.

"For now, we remain neutral but the downward pressure will continue to increase unless there is a move back 1.0640 in the next few day," UOB adds.

Turning to GBP/USD, UOB notes that the downward momentum is still strong and the focus is for a move to 1.4940 next. 

"Looking further ahead, the next significant support below 1.4940 is closer to 1.4680 (rising weekly trend-line) ahead of the year’s low near 1.4565. Overall, the outlook for this pair is considered as bearish unless there is a break above 1.5110," UOB argues.