In view of the research team at UOB Group, the sterling remains poised to test lower levels in the next weeks. Key Quotes “The lack of a meaningful rebound suggests further downward pressure and another leg lower to 1.3950/55 will not be surprising. Resistance is at 1.4075 but only a move back above 1.4120 would indicate that a temporary bottom is in place”. “There is nothing much to add as GBP continues with its down-move. As mentioned yesterday, shorts should take partial profit at 1.3930 (seeing short-term support at 1.3950/55). Stop-loss is adjusted lower to 1.4170 from 1.4260”. For more information, read our latest forex news.