EUR/USD: the decline of the euro is already showing signs of slowing (UBS)

UBS believes that the decline of the EUR/USD on the forex may have a hard time continuing.

"The consolidation of the EUR/USD continued Thursday and Friday after the FOMC meeting, but as we approach the troughs of late May, it is becoming increasingly difficult.

On the hourly chart, the decline seems to be finishing.

As for the GBP, we think that a lot of bad news has already been embedded, and a turn to a softer Brexit could support the pound.

We prefer to express this view through the sale of EUR/GBP".