GBP/USD: Downside Bias in the Short-Term - Lloyds

GBP/USD: Downside Bias in the Short-Term - Lloyds

23 May 2016, 18:48
Roberto Jacobs
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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.”


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