17 Feb 2016
GBP/USD bearish, targets 1.4200 near-term – UOB
In view of the research team at UOB Group, the pair’s downside could test the 1.4200 handle in the next weeks.
Key Quotes
“We have maintained a neutral view for GBP since late January and viewed the rebound from the low of 1.4080 as a corrective recovery”.
“The abrupt and sharp drop below the key 1.4350 support yesterday suggests that GBP has resumed its recent downtrend”.
“The immediate target is for a move to 1.4200 with a reasonable high chance for a retest of the 1.4080 low. Resistance is at 1.4385 but only a move above 1.4450 would indicate that our bearish view is wrong”.
Key Quotes
“We have maintained a neutral view for GBP since late January and viewed the rebound from the low of 1.4080 as a corrective recovery”.
“The abrupt and sharp drop below the key 1.4350 support yesterday suggests that GBP has resumed its recent downtrend”.
“The immediate target is for a move to 1.4200 with a reasonable high chance for a retest of the 1.4080 low. Resistance is at 1.4385 but only a move above 1.4450 would indicate that our bearish view is wrong”.