GBP: Immediate technical picture has weakened - Westpac

Research Team at Westpac, suggests that the immediate technical picture of GBP has weakened and the rebounds appear corrective and soundly capped in front of 1.3480.

Key Quotes

“Bias is now for a slide through  recent range to test 1.30 if not 1.28. The macro story hardly inspires too. The rebound in post-Brexit data seems to be waning and the uncertainty around the yet to begin Brexit negotiations likely keeps BoE easing in place for a very long while. GBP more likely to weaken despite positioning risks.”