GBP/USD Strong Resistance Lies at 1.4380/1.4450 – UOB
According to the research team at UOB Group, the pair faces a tough up barrier in the 1.4380/1.4450 band.
Key Quotes
“We have held a neutral view on GBP
for close to 3 weeks and while the movement has been relatively large,
it has failed to maintain a hold neither below the key 1.4000 support
nor above the 1.4400 resistance”.
“The sharp rebound yesterday
has clearly eased the recent short-term downward pressure and from here,
the risk has shifted back to the upside”.
“However, strong resistances are apparent at 1.4380 and 1.4450 and it is premature to expect a move beyond these levels”.
“Overall,
we continue to hold a neutral mid-term view even though the short-term
outlook is supportive and a move higher to test 1.4380/1.4450 would not
be surprising unless there is a dip back below 1.4105/10 in the next few
days”.
(Market News Provided by FXstreet)
