GBP/USD: Break below 1.23 to expose May low at 1.2076 – OCBC

GBP/USD trades at 1.2370, up 0.27% on a day, but Terence Wu from OCBC Bank continues to be positioned negatively on the cable after losing the 1.24 handle with the 1.23 level as the next target.

Key quotes

“Note that short-term implied valuations has tipped south. Losing the 55-day MA (1.2423) and the 1.2400 handle leaves the cable on a negative setup, with 1.2300 likely to attract for now.” 

“A further breach of 1.2300 may leave the pair targeting May lows (1.2076) on a multi-session horizon.”