United Overseas Bank made a technical forecast for GBP/USD stated that bear market rally will be continuing up to 1.55 as a real target:
- "We maintains it bullish view on the pair with a target of 1.5570."
- "We just shifted to a bullish at this stage, there is no change to our view. The target remains unchanged at 1.5570 with a stop-loss at 1.5380."
| Resistance | Support |
|---|---|
| 1.5658 | 1.5088 |
| 1.5929 | 1.4565 |
As we see from the chart above - the GBP/USD pair is on bearish market condition for the ranging within 1.4565 key support level and 1.5658 key resistance level. If the price breaks this 1.5658 resistance from below to above so we may see 1.5929 as a next 'reversal' target to the primary bullish market condition; otherwise - ranging within the levels.
