GBP/USD to 1.40: Barclays
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Barclays say they expect resistance in the 1.4670 area to cap a move towards 1.4330.
The recent sell-off on increased trading volumes endorses our bearish view.
We expect resistance in the 1.4670 area to cap a move towards 1.4330 and then lower towards the 1.4005 area.
Regarding other major pairs Barclays say they are overall bearish on EUR/USD and would prefer to sell upticks.
“A break above nearby resistance in the 1.1220 area would signal room towards 1.1300/50 before sellers emerge. Our downside targets are towards 1.1095 and then the 1.0990 area.”