18 Jul 2014
GBP/USD corrective pullback still expected - UOB
FXStreet (Barcelona) - The Market Strategy Team at UOB Group sees the likeliness of a corrective retracement in the GBP/USD.
Key Quotes
"Continue to expect a corrective pullback targeting a move towards 1.6995/1.7010"
"GBP spiked to a high of 1.7192 earlier this week. However, as highlighted in our previous update (see Chart of the Day dated 11/7/14), we continue to expect a corrective pullback targeting a move towards 1.6995/1.7010."
"Patchy short-term momentum may lead to a coupe of days of sideway trading but GBP should eventually move towards 1.6995/1.7015. Strong resistant is at 1.7155/60 but only break above 1.7200 would indicate that our bearish view is wrong. From a longer-term perspective, we consider any down-move as corrective in nature and expect GBP to resume its recent uptrend at a later stage."
Key Quotes
"Continue to expect a corrective pullback targeting a move towards 1.6995/1.7010"
"GBP spiked to a high of 1.7192 earlier this week. However, as highlighted in our previous update (see Chart of the Day dated 11/7/14), we continue to expect a corrective pullback targeting a move towards 1.6995/1.7010."
"Patchy short-term momentum may lead to a coupe of days of sideway trading but GBP should eventually move towards 1.6995/1.7015. Strong resistant is at 1.7155/60 but only break above 1.7200 would indicate that our bearish view is wrong. From a longer-term perspective, we consider any down-move as corrective in nature and expect GBP to resume its recent uptrend at a later stage."