GBP/USD: Technical Outlook Biased to the Downside - Lloyds
Analysts from Lloyds Bank point out that after the reversal from 1.4770,
the technical outlook points to the downside and they continue to see
in the medium term, price in ranges.
Key Quotes:
“The
impulsive reversal after spiking up to 1.4770 leaves the technical
outlook biased to the downside. While a consolidation is possible, if
PMI services come out weaker than expected today we can see this rate
breaking support in the 1.4460/30 region to open a decline towards
1.43/1.42. Resistance on the day lies in the 1.4580-1.4625 region.”
“Medium-term
we still believe the market should remain in a range around 1.42, with
1.4050/1.3980 support ahead of the 1.35 key lows and 1.48-1.4950 the
main resistance levels above this week’s spike highs.”
