21 Jul 2015
Upside limited in GBP/USD – UOB
FXStreet (Edinburgh) - Analysts at UOB expect the chances of further gains in GBP/USD to remain quite thin for the time being.
Key Quotes
“We continue to view the current up-move from the 1.5330 low seen earlier this month as part of a corrective recovery which could extend to 1.5740”.
“We have seen a high of 1.5673 last Friday and the subsequent pull-back could be the early stages of a topping process”.
“In other words, while we do not rule out another leg higher to 1.5740, the risk for further up-move appears to be quite slim at this stage”.
“That said, confirmation of a short-term top is only upon a break below 1.5440 (1.5540 is already a strong short-term support)”.
Key Quotes
“We continue to view the current up-move from the 1.5330 low seen earlier this month as part of a corrective recovery which could extend to 1.5740”.
“We have seen a high of 1.5673 last Friday and the subsequent pull-back could be the early stages of a topping process”.
“In other words, while we do not rule out another leg higher to 1.5740, the risk for further up-move appears to be quite slim at this stage”.
“That said, confirmation of a short-term top is only upon a break below 1.5440 (1.5540 is already a strong short-term support)”.