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The current bearish phase in GBP/USD appears incomplete and is expected to extend lower to 1.4600 in the coming days, projects UOB Group. "The initial rebound in GBP held below 1.4840 (high of 1.4815) before dropping rapidly to reach the target indicated at 1.4660/65 (low of 1.4665)...While the subsequent rebound from the low has dented the downward momentum, another leg lower appears likely," UOB adds. "Downward momentum is still strong and any rebound is expected to encounter stiff resistance near 1.4760 but only a break above 1.4815 (adjusted lower from 1.4850) would indicate that the bearish phase has ended,.....
