9 Dec 2013
Flash: GBP/USD upside momentum persists - UOB Group
FXstreet.com (Barcelona) - Quek Ser Leang, Market Strategist at UOB Group notes that GBP/USD upward momentum is waning but upside risk is intact as long as above 1.6260
Key Quotes
“The lack of follow-through after the break of 1.6430 last week (high of 1.6443) suggests waning upward momentum.”
“However, as long as the key support at 1.6260 is still intact, the upside risk appears to be greater.”
“Mixed short-term indicators suggest consolidation in the early part of the week but this should be followed by a retest of the 1.6443 high. An unexpected break below 1.6260 could trigger a quick sell-off towards 1.6200.”
“Supports: 1.6260, 1.6200. Resistants: 1.6400, 1.6443”
Key Quotes
“The lack of follow-through after the break of 1.6430 last week (high of 1.6443) suggests waning upward momentum.”
“However, as long as the key support at 1.6260 is still intact, the upside risk appears to be greater.”
“Mixed short-term indicators suggest consolidation in the early part of the week but this should be followed by a retest of the 1.6443 high. An unexpected break below 1.6260 could trigger a quick sell-off towards 1.6200.”
“Supports: 1.6260, 1.6200. Resistants: 1.6400, 1.6443”