GBP/USD: Downside Bias in the Short-Term - Lloyds
Analysts from Lloyds Bank, point out that GBP/USD continues with a bearish bias in the short-term, reaffirmed after the break of 1.4525 on Friday.
Key Quotes:
“The break of 1.4525 on Friday adds confirmation to our short-term bear
bias, for a move back towards 1.4350/1.43. Intra-day resistance lies at
1.4545-75 in this regard, although only a move back through 1.4675
resistance would question downside thoughts and put more signficiant
resistance in the 1.48 region under pressure and our medium-term
outlook.”
“Medium-term we still believe the market should remain in a range
between 1.4050/1.3980 (1.35 key below there) and the 1.48-1.4950 region.
A move up through 1.50 is needed to suggest the 30-year support in the
1.40-1.35 has again held and technical analysis would look for a gradual
move back towards the 1.60/1.65 over the longer term.”