That said, the weak undertone could lead to further down-move towards 1.4000 (with lower odds for extension towards the month-to-date low of 1.3965). All in, we expect GBP to stay under pressure from here unless it can reclaim 1.4200.
GBP/USD Daily Forecast - 20 April
Fxpig.com We highlighted yesterday that the “near-term bias is for a probe lower towards the bottom of the expected 1.4080/1.4320 consolidation range” but the subsequent price action is anything but a ‘probe’ as GBP plummeted to an overnight low of 1.4069. While the outsized decline over the past few days has shifted the immediate pressure to the downside, we are not convinced that the current weakness is the start of a bearish phase.
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