GBP/USD: short-term top here? - UOB

In respect of GBP/USD, analysts at UOB Group explained that there is an increasing risk of a short-term top.

Key Quotes:

"The sharp drop last Friday clearly does not bode well for our current bullish view on GBP. The risk of a short-term top has increased considerably but only a break below 1.3100 would indicate that the bullish phase has ended. This appears to be a likely scenario unless GBP can recover above 1.3210 from here."

"On Tuesday, we will be receiving the BoE’s updated figures on mortgage approvals volumes and credit supply to households in July. Wednesday sees Nationwide’s August house price data, before ending the week with August readings of the manufacturing and construction sector PMIs. The GfK August consumer confidence survey will also be of interest."