GBP/USD: Support levels continue to be breached – OCBC

The GBP should remain on a heavy posture as support levels continue to be breached, in the opinion of Terence Wu, an FX strategist at OCBC Bank.

Key quotes

“With the 1.2250 support breached, we expect the GBP/USD to be slippery in the near-term.” 

“Prefer to sell the cable on any bounces towards 1.2300, targeting the 1.2150 level.”