7 Mar 2016
GBP/USD corrective rebound could test 1.4230 – UOB
The research team at UOB Group sees the upside in the pair could test 1.4230.
Key Quotes
“We highlighted last Thursday (when spot was at 1.4085) that the corrective rebound could extend to 1.4230”.
“This level was exceeded with a high of 1.4249 on Friday. With no sign of weakness just yet, the current recovery could extend further to 1.4400 (1.4300 is a strong resistance)”.
“Only a move back below 1.4050 would indicate that the prevalent upward pressure has eased”.
“Overall, the current movement is reminiscent of the price action in early February where the corrective rebound extended to 1.4672 before topping out”.
Key Quotes
“We highlighted last Thursday (when spot was at 1.4085) that the corrective rebound could extend to 1.4230”.
“This level was exceeded with a high of 1.4249 on Friday. With no sign of weakness just yet, the current recovery could extend further to 1.4400 (1.4300 is a strong resistance)”.
“Only a move back below 1.4050 would indicate that the prevalent upward pressure has eased”.
“Overall, the current movement is reminiscent of the price action in early February where the corrective rebound extended to 1.4672 before topping out”.