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10 Apr 2015
GBP/USD: next target 1.4480 – UOB
FXStreet (Barcelona) - Analysts at UOB Group believe that the recent drop to 1.4684 signals the beginning of a fresh bearish phase in GBP/USD, and expect the pair to make a move towards 1.4480 in the coming weeks.
Key Quotes
“The unexpected break of 1.4775 (rising trend-line support) led to a sharp drop to a low of 1.4684 yesterday.”
“The neutral consolidation phase that started after last month’s FOMC meeting has likely ended. While daily MACD is still holding above 0, the strong and impulsive short-term downward momentum suggests that the current movement is the early stages of a fresh bearish phase in GBP.”
“The immediate target is clearly for a test of the year-to-date low at 1.4635 but a move towards 1.4480 in the next couple of weeks will not be surprising at all.”
“In order to maintain the current momentum, any rebound should not move above 1.4885 (say stop-loss at 1.4900). On a shorter-term note, 1.4800 is already a very strong resistance.”
Key Quotes
“The unexpected break of 1.4775 (rising trend-line support) led to a sharp drop to a low of 1.4684 yesterday.”
“The neutral consolidation phase that started after last month’s FOMC meeting has likely ended. While daily MACD is still holding above 0, the strong and impulsive short-term downward momentum suggests that the current movement is the early stages of a fresh bearish phase in GBP.”
“The immediate target is clearly for a test of the year-to-date low at 1.4635 but a move towards 1.4480 in the next couple of weeks will not be surprising at all.”
“In order to maintain the current momentum, any rebound should not move above 1.4885 (say stop-loss at 1.4900). On a shorter-term note, 1.4800 is already a very strong resistance.”