In opinion of strategists at Westpac, occasional bullish attempts in the pair could be limited at the 1.4040/80 band.
Key Quotes
“GBP looks vulnerable to an oversold bounce but until the 23 June referendum definitively takes Brexit risk off the table GBP will likely struggle to mount a multi-day advance”.
“Inability to capitalise on notably stronger wages and retail sales data last week confirm poor underlying health of the currency”.
“Short term bounces should be capped around 1.4040/80. Otherwise, medium and long term charts looking more bearish”.
