GBP/USD Downside Appears Limited Near 1.44 – UOB

GBP/USD Downside Appears Limited Near 1.44 – UOB

9 May 2016, 08:58
Roberto Jacobs
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GBP/USD Downside Appears Limited Near 1.44 – UOB

According to analysts at UOB Group, the pair’s downside could struggle to breach the 1.44 support in the near term.

Key Quotes

“We turned neutral GBP last Wednesday and were of the view that the corrective pull-back from the high 1.4770 has scope to extend lower to 1.4400”.

“While a move below 1.4400 would not be surprising, downward momentum is not strong at this stage and a sustained move below this level appears unlikely”.

“That said, a clear break below 1.4400 (say a daily closing below) could lead a quick drop towards the next support at 1.4300. Overall, this GBP is expected to be on the defensive unless it can reclaim 1.4545 in the next few days”.


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