FXStreet (Edinburgh) - Strategists at Westpac see the pair dropping to the 1.35/1.37 band against the backdrop of increasing selling pressure around GBP. Key Quotes “GBP probably needs to consolidate its sharp fall for a while but doubtful it amounts to anything more than that before weakness resumes”. “A toxic brew of Brexit risk and near zero prospects of a BoE hike this year and possibly until well into 2017 should continue to weigh. The move lower has been stealthy and will have caught many off guard. Positioning not a barrier”. “Short term momentum fading slightly but downtrend remains in play. Target 1.35/37 multi month after a break of 2010 lows (1.4231)”. For more information, read our latest forex news.