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GBPUSD: Short term correction approaching key resistance – Lloyds Bank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Delhi) – Research Team at Lloyds Bank, suggests that GBP traded well yesterday, extending the sharp reversal from the 1.4150 lows set last Friday morning.

    Key Quotes

    “Technically the whole move from the 1.4080 lows is corrective in nature, while the daily RSI’s unwind from oversold. This has now developed into a well-defined channel, with 1.4170 the support and 1.4445/50 resistance on the day.

    Medium term the trend is still very much down and the short term correction phase is now approaching key resistance in the 1.4525/65 region. While below here we expect the market to come back under pressure through 1.40, with a move up through 1.4600/50 suggesting a broader correction is actually in play.

    Key events for this week are BoE’s Inflation Report on Thursday, followed by US Non-Farm payrolls on Friday.”
    For more information, read our latest forex news.
     

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