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GBP/USD strong resistance lies at 1.4380/1.4450 – UOB

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    According to the research team at UOB Group, the pair faces a tough up barrier in the 1.4380/1.4450 band.

    Key Quotes

    “We have held a neutral view on GBP for close to 3 weeks and while the movement has been relatively large, it has failed to maintain a hold neither below the key 1.4000 support nor above the 1.4400 resistance”.

    “The sharp rebound yesterday has clearly eased the recent short-term downward pressure and from here, the risk has shifted back to the upside”.

    “However, strong resistances are apparent at 1.4380 and 1.4450 and it is premature to expect a move beyond these levels”.

    “Overall, we continue to hold a neutral mid-term view even though the short-term outlook is supportive and a move higher to test 1.4380/1.4450 would not be surprising unless there is a dip back below 1.4105/10 in the next few days”.
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