FXStreet reports that in opinion of FX Strategists at UOB Group, the Cable now faces increasing chances of a move to 1.4080/50 in the near term.

Next 1-3 weeks: “Last Friday, we indicated that GBP ‘does not appear to be ready to move lower in a sustained manner’ and we expected it to ‘trade within a relatively broad range of 1.4080/1.4220’. GBP subsequently dropped to 1.4095 and shorter-term downward momentum has improved somewhat. That said, it is premature to expect a sustained decline. From here, GBP has to close below 1.4080 before a move to 1.4050 can be expected (next support is at 1.4005). At this stage, the prospect for GBP to close below 1.4080 is not high but it would increase as long as GBP does not move above 1.4185 (‘strong resistance’ level) within these few days.