In opinion of strategists at Westpac, occasional bullish attempts in the pair could be limited at the 1.4040/80 band. Key Quotes “GBP looks vulnerable to an oversold bounce but until the 23 June referendum definitively takes Brexit risk off the table GBP will likely struggle to mount a multi-day advance”. “Inability to capitalise on notably stronger wages and retail sales data last week confirm poor underlying health of the currency”. “Short term bounces should be capped around 1.4040/80. Otherwise, medium and long term charts looking more bearish”. For more information, read our latest forex news.