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5 May 2016
GBP/USD shifted to neutral, focus on 1.44 – UOB
In view of the research team at UOB Group, the pair’s outlook remains neutral in the near term, while the looks have now turned to 1.4400.
Key Quotes
“We shifted to a neutral GBP stance yesterday and there is no change to the view”.
“The current pull-back from the high of 1.4770 earlier this week appears to have scope to extend lower to test the strong support at 1.4400”.
“At this stage, a sustained move below this level appears unlikely. Resistance is at 1.4570 but only a move back above 1.4660 would indicate that the prevalent downward pressure has eased”.
Key Quotes
“We shifted to a neutral GBP stance yesterday and there is no change to the view”.
“The current pull-back from the high of 1.4770 earlier this week appears to have scope to extend lower to test the strong support at 1.4400”.
“At this stage, a sustained move below this level appears unlikely. Resistance is at 1.4570 but only a move back above 1.4660 would indicate that the prevalent downward pressure has eased”.