18 Nov 2013
Flash: GBP/USD to meet strong resistance at 1.6200 - UOB
FXstreet.com (Barcelona) - Quek Ser Leang, Technical Analyst at UOB, is expecting GBP/USD to face immediate upside pressure but any up-move will likely face strong resistance at 1.6200 ahead of the key 1.6260 level.
Key Quotes
“The unexpected rally after the break of the key support at 1.5900 coupled with the breach of the key resistance at 1.6118 last Friday indicates that the bearish view was wrong. However, the current movement appears to be part of wider sideway consolidation range instead of the beginning of a new up-trend.”
“Expect any further up-move to encounter stiff resistance at 1.6200 and a break above last month’s high at 1.6260 is unlikely. On the downside, 1.6000 will likely hold any short-term pull-back for this week but only a break below 1.5940 will suggest a re-test of last week’s low at 1.5865.”
“In other words, expect immediate upside pressure but any rally will likely face strong resistance at 1.6200 ahead of 1.6260.”
“Support: 1.6000, 1.5940, Resistance : 1.6200, 1.6260”
Key Quotes
“The unexpected rally after the break of the key support at 1.5900 coupled with the breach of the key resistance at 1.6118 last Friday indicates that the bearish view was wrong. However, the current movement appears to be part of wider sideway consolidation range instead of the beginning of a new up-trend.”
“Expect any further up-move to encounter stiff resistance at 1.6200 and a break above last month’s high at 1.6260 is unlikely. On the downside, 1.6000 will likely hold any short-term pull-back for this week but only a break below 1.5940 will suggest a re-test of last week’s low at 1.5865.”
“In other words, expect immediate upside pressure but any rally will likely face strong resistance at 1.6200 ahead of 1.6260.”
“Support: 1.6000, 1.5940, Resistance : 1.6200, 1.6260”