2 Dec 2013
Flash: GBP/USD to target 1.65/6618 - UOB Group
FXstreet.com (Barcelona) - Quek Ser Leang, Market Strategist at UOB Group recommends that investors expect GBP/USD acceleration higher towards 1.6500 followed by 1.6618.
Key Quotes
“The high of 1.6443 this morning exceeded the immediate target highlighted at 1.6425/30 last Friday . The strong upward momentum suggests acceleration higher towards 1.6500 followed by 1.6618 (high in Aug 2011).”
“Last Friday’s low at 1.6313 will likely hold any short-term pullback but only a move below the breakout level at 1.6260 will indicate a bearish reversal.”
“Supports: 1.6313, 1.6260/ Resistants: 1.6500, 1.6618”
Key Quotes
“The high of 1.6443 this morning exceeded the immediate target highlighted at 1.6425/30 last Friday . The strong upward momentum suggests acceleration higher towards 1.6500 followed by 1.6618 (high in Aug 2011).”
“Last Friday’s low at 1.6313 will likely hold any short-term pullback but only a move below the breakout level at 1.6260 will indicate a bearish reversal.”
“Supports: 1.6313, 1.6260/ Resistants: 1.6500, 1.6618”