9 Mar 2016
GBP/USD bulkls not done yet - UOB
Analysts at UOB Group explained the conditions surrounding GBP/USD and are calling for a further leg higher after a phase of consolidation.
Key Quotes:
"The subsequent sharp down-move from the
high suggests that we have likely seen a short-term top. The current movement is likely a consolidation phase and range trading is expected. "
"While the short-term upward momentum has clearly eased, it is too early to expect a mid-term top. The current movement is likely part of a consolidation phase and as long as 1.4050 is intact, another attempt to move higher to test the major 1.4400 resistance cannot be ruled out just yet."
Key Quotes:
"The subsequent sharp down-move from the
high suggests that we have likely seen a short-term top. The current movement is likely a consolidation phase and range trading is expected. "
"While the short-term upward momentum has clearly eased, it is too early to expect a mid-term top. The current movement is likely part of a consolidation phase and as long as 1.4050 is intact, another attempt to move higher to test the major 1.4400 resistance cannot be ruled out just yet."