The research team at UOB Group sees the sterling trading on a bearish mood and aiming to the 1.4080 level. Key Quotes “We turned bearish GBP in the middle of last week, expecting a move lower towards the immediate target at 1.4200. This is a strong support level and would not be easy to break”. “That said, the next significant support below this level is at 1.4080, the low seen in January”. “In the meanwhile, the short-term rebound last Friday touched a high of 1.4413, holding below the current stoploss at 1.4450. As long as 1.4450 remains intact, we continue expect a move to 1.4200 (even though 1.4350 is already a strong resistance)”. For more information, read our latest forex news.