Price action suggests further Pound Sterling (GBP) weakness; the next major support at 1.3000 may not come into view so soon, UOB Group FX analysts Quek Ser Leang and Peter Chia note.  

Downside risk remains intact below 1.3220

24-HOUR VIEW: “After GBP fell sharply last Thursday, we indicated on Friday that “the weakness has not stabilised.” We also indicated that GBP “could dip to 1.3080 before stabilisation can be expected.” In NY trade, GBP dropped to 1.3070, rebounding quickly to end the day largely unchanged at 1.3123 (-0.03%). The price action is likely part of a sideways trading phase. Today, we expect GBP to trade in a 1.3080/1.3180 range.”