5 Aug 2015
GBP/USD: 1.5640 proving too much? - UOB
FXStreet (Guatemala) - Analysts at UOB Group explained their outlook for GBP/USD.
Key Quotes:
"24 hour view: The trading range of 1.5558/1.5633 was close to our expectation of 1.5550/1.5635. While the outlook remains mixed, downward momentum is improving and this could lead to a deeper probe towards 1.5530. Very strong resistance at 1.5635.
"1-3 weeks view:
Neutral: GBP has to reclaim 1.5640 or the odds for a sustained down-move will increase rapidly.
With short-term downward momentum picking up quickly, the immediate pressure is clearly on the downside but only a break below 1.5500 would indicate the start of a deeper down-move towards 1.5330. In the meanwhile, we hold a neutral view but GBP has to reclaim 1.5640 in the next 1 to 2 days or the odds for a sustained down-move will increase rapidly."
Key Quotes:
"24 hour view: The trading range of 1.5558/1.5633 was close to our expectation of 1.5550/1.5635. While the outlook remains mixed, downward momentum is improving and this could lead to a deeper probe towards 1.5530. Very strong resistance at 1.5635.
"1-3 weeks view:
Neutral: GBP has to reclaim 1.5640 or the odds for a sustained down-move will increase rapidly.
With short-term downward momentum picking up quickly, the immediate pressure is clearly on the downside but only a break below 1.5500 would indicate the start of a deeper down-move towards 1.5330. In the meanwhile, we hold a neutral view but GBP has to reclaim 1.5640 in the next 1 to 2 days or the odds for a sustained down-move will increase rapidly."