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GBP/USD bulls not done yet - UOB

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Analysts at UOB Group explained the conditions surrounding GBP/USD and are calling for a further leg higher after a phase of consolidation.

    Key Quotes:

    "The subsequent sharp down-move from the
    high suggests that we have likely seen a short-term top. The current movement is likely a consolidation phase and range trading is expected. "

    "While the short-term upward momentum has clearly eased, it is too early to expect a mid-term top. The current movement is likely part of a consolidation phase and as long as 1.4050 is intact, another attempt to move higher to test the major 1.4400 resistance cannot be ruled out just yet."
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