GBP/USD still bearish, targets 1.3930 – UOB

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The research team at UOB Group sees the pair could visit fresh lows around 1.3930 in the next weeks.

    Key Quotes

    “While we have been bearish GBP since last Wednesday, the pace of the down-move took us by surprise. The major support at 1.4080 was easily breached with a low of 1.4057”.

    “The outlook is still clearly bearish and the next support below 1.4055/60 is near 1.3930”.

    “Those who are shorts should seriously consider taking some profit as this is a major weekly support and may not break so easily. Stop-loss is adjusted sharply lower to 1.4260 from 1.4450”.
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