4 Feb 2014
Flash: GBP vulnerable to pending deep correction - UOB Group
FXStreet (Barcelona) - Quek Ser Leang, Market Strategist at UOB Group feels that GBP is vulnerable to a deep correction in the coming week.
Key Quotes
“The low 1.6290 yesterday took out the strong support at 1.6305. The strong downward momentum coupled with the recent overbought conditions suggest that GBP is likely vulnerable to a deep correction in the coming weeks.”
“The immediate target is at 1.6220 followed by 1.6125. Expect 1.6420 to cap any short-term rebound but only a move above 1.6500 will suggest a test above 1.6600 again.”
“Supports: 1.6220, 1.6125. Resistants: 1.6420, 1.6500.”
Key Quotes
“The low 1.6290 yesterday took out the strong support at 1.6305. The strong downward momentum coupled with the recent overbought conditions suggest that GBP is likely vulnerable to a deep correction in the coming weeks.”
“The immediate target is at 1.6220 followed by 1.6125. Expect 1.6420 to cap any short-term rebound but only a move above 1.6500 will suggest a test above 1.6600 again.”
“Supports: 1.6220, 1.6125. Resistants: 1.6420, 1.6500.”