GBP/USD: the pound could form a floor after its recent decline (UOB)

The UOB bank believes that the GBP/USD may have a hard time maintaining its decline on the forex in the short term.

"The bearish GBP/USD target at 1.2150 was exceeded yesterday with a trough at 1.2139. The bearish momentum is slowing down and the current movement is probably the first phase of a floor. That being said, in view of the recent decline, it is too early to anticipate a rebound. The GBP will most likely evolve near its troughs, although the bias is for a move towards the top of the expected consolidation range at 1.2145/1.2220."