Back
18 Mar 2015
GBP/USD to consolidate before seeing 1.4550 – UOB
FXStreet (Barcelona) - Analysts at UOB Group, believe that GBP/USD move lower from 1.4845 will likely result into some consolidation, which would then lead to a break towards 1.4550.
Key Quotes
“The strong rebound from the 1.4699 low last Friday is a just a corrective recovery.”
“That said, the drop from the high of 1.4845 yesterday is lacking in momentum and is likely part of a broader sideway trading range and not the start of the next leg lower.”
“Allow for another couple of days of sideway trading but this should eventually lead to a break below 1.4700 for a move towards 1.4550.”
“The trailing stop-loss has moved lower to 1.4930 from 1.4980.”
Key Quotes
“The strong rebound from the 1.4699 low last Friday is a just a corrective recovery.”
“That said, the drop from the high of 1.4845 yesterday is lacking in momentum and is likely part of a broader sideway trading range and not the start of the next leg lower.”
“Allow for another couple of days of sideway trading but this should eventually lead to a break below 1.4700 for a move towards 1.4550.”
“The trailing stop-loss has moved lower to 1.4930 from 1.4980.”