GBP/USD: The underlying downward trend is back says UOB, which now targets 1.4740, and then 1.4565

In a brief note published this morning, UOB believes that the GBP/USD's underlying downward trend has resumed.

"The current decline of the GBP/USD should prove to be the beginning of a recovery of the main downtrend. The strong and impulsive downward momentum suggests that the weakness could now widely worsen in the coming sessions.

The next significant support level is at 1.4740, below which we find another support level at 1.4565.

Lastly, we note that for the bearish momentum to remain intact, the GBP/USD must not exceed 1.5080."