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GBP/USD points to further downside – UOB

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    In view of the research team at UOB Group, the sterling remains poised to test lower levels in the next weeks.

    Key Quotes

    “The lack of a meaningful rebound suggests further downward pressure and another leg lower to 1.3950/55 will not be surprising. Resistance is at 1.4075 but only a move back above 1.4120 would indicate that a temporary bottom is in place”.

    “There is nothing much to add as GBP continues with its down-move. As mentioned yesterday, shorts should take partial profit at 1.3930 (seeing short-term support at 1.3950/55). Stop-loss is adjusted lower to 1.4170 from 1.4260”.
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