22 Jan 2015
GBP/USD downward momentum waning – UOB
FXStreet (Barcelona) - Analysts at UOB Group note that the downward momentum for GBP/USD is waning as the pair failed to extend its weakness despite dovish BOE minutes.
Key Quotes
“Despite dovish BOE’s minutes, GBP failed to extend its recent weakness suggesting that the current downward momentum is waning rapidly. Accordingly, trailing-stop has moved lower to 1.5200. A break above this level would suggest a temporary low is in place. Until then, another leg lower towards 1.5020 cannot be ruled out just yet.”
Key Quotes
“Despite dovish BOE’s minutes, GBP failed to extend its recent weakness suggesting that the current downward momentum is waning rapidly. Accordingly, trailing-stop has moved lower to 1.5200. A break above this level would suggest a temporary low is in place. Until then, another leg lower towards 1.5020 cannot be ruled out just yet.”