10 Feb 2014
Flash: GBP/USD up-move part of larger consolidation - UOB Group
FXStreet (Barcelona) - Quek Ser Leang, Market Strategist at UOB Group is expecting a GBP/USD move towards 1.6560 but any up-move is likely part of a wider consolidation phase.
Key Quotes
“The target highlighted at 1.6220 last week was not met as GBP rebounded strongly from a low of 1.6252. While the current movement is likely part of a consolidation phase, a move towards the strong resistant at 1.6560 will not be surprising.”
“However, based on the current momentum, a clear break above this level appears unlikely. On the downside, support is at 1.6300 ahead of the strong support zone at 1.6220/50.as a key resistant now and the downside target is at the rising trend- line at 1.6315 followed by last month’s low at 1.6220.”
“Supports: 1.6300, 1.6220/50. Resistants: 1.6500, 1.6560.”
Key Quotes
“The target highlighted at 1.6220 last week was not met as GBP rebounded strongly from a low of 1.6252. While the current movement is likely part of a consolidation phase, a move towards the strong resistant at 1.6560 will not be surprising.”
“However, based on the current momentum, a clear break above this level appears unlikely. On the downside, support is at 1.6300 ahead of the strong support zone at 1.6220/50.as a key resistant now and the downside target is at the rising trend- line at 1.6315 followed by last month’s low at 1.6220.”
“Supports: 1.6300, 1.6220/50. Resistants: 1.6500, 1.6560.”