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4 May 2016
GBP/USD could re-test 1.4400 in the near-term – UOB
The research team at UOB Group suggested the likeliness of a visit to the 1.4400 area in the next 1-3 weeks.
Key Quotes
“GBP touched a high of 1.4770 before reversing abruptly and sharply to take out the stop-loss at 1.4540”.
“A short-term is likely in place at 1.4770 and the current corrective pull-back appears to have scope to extend lower to 1.4400”.
“At this stage, a sustained move below this level appears unlikely. Resistance at 1.4690 is likely strong enough to contain any short-term rebound”.
Key Quotes
“GBP touched a high of 1.4770 before reversing abruptly and sharply to take out the stop-loss at 1.4540”.
“A short-term is likely in place at 1.4770 and the current corrective pull-back appears to have scope to extend lower to 1.4400”.
“At this stage, a sustained move below this level appears unlikely. Resistance at 1.4690 is likely strong enough to contain any short-term rebound”.