EUR/USD and GBP/USD: UOB is still betting on a short-term decline for both pairs, lists its invalidation levels

In a note published this morning, UOB reported on its short-term outlook for the EUR/USD and GBP/USD:

"Even though the EUR/USD's downward momentum is not strong, it seems that its current weakness has the potential to increase, for a test of major support at 1.0800/05.

The outlook for EUR/USD is therefore bearish for the coming days, but any signs of weakness will be met by an obstacle at 1.0800/05. But in general, only a move above 1.0945 would indicate that downward pressure is on the decline.

Regarding the GBP/USD, the current bear market seems incomplete, and should extend to 1.46 over the coming days.

The bearish momentum remains strong and any rebound should meet resistance at 1.4760 but only a break above 1.4840 would indicate that the downward pressure is on the decline."