Flash: GBP/USD further weakness ahead into 2H 2013 - BTMU

FXstreet.com (Barcelona) - GBP/USD fell by mid March to fresh 3-year lows around the 1.48 handle, and has recovered ever since , printing a 3-month high at 1.56 by early May. According to Lee Hardman, Currency Analyst at Bank of Tokyo Mitsubishi UMJ: “The pound’s recent upward momentum now appears to be stalling suggesting that the corrective rebound phase may now be complete,” the analyst says, adding: “We believe that it will be followed by further weakness heading into the 2H 2013 with the underlying bear trend still intact,” Lee concludes.