Further downside to the 1.3800 area has not been ruled out, although it remains unlikely in the near term, suggested the research team at UOB Group. Key Quotes “The short-term rebound tested but failed to move clearly above the stop-loss for our bearish view at 1.4020 (high of 1.4020)”. “As highlighted in recent updates, momentum has slowed and the odds for the current GBP weakness to extend lower have diminished considerably”. “However, confirmation of a short-term low is only upon a move above 1.4020. Until this level is taken out, another leg lower to 1.3800 cannot be ruled out just yet”. For more information, read our latest forex news.