GBP/USD Scope to Test 1.4330 – UOB
The door is still open for a test of the 1.4330 area in GBP/USD, according to the research team at UOB Group.
“While GBP moved above the 1.4550 resistance last Friday, it was unable to hold on to its gains”.
“The sharp drop earlier this morning continues to suggest that there is scope for a move lower to test the strong 1.4330/35 support (last month’s low)”.
“A clear break below this level would indicate the start of a sustained down-move (next support at 1.4270). 1.4505/10 is acting as a very strong resistance now and only a break of this level would suggest that the immediate downward pressure has eased”.