25 Mar 2014
GBP/USD consolidating? - UOB Group
FXStreet (Barcelona) - The Market Strategy Team at UOB Group believe that GBP/USD could be showing signs of consolidation.
Key Quotes
"While deteriorating short-term downward momentum is suggesting an imminent rebound, only a move above 1.6570 would indicate that a temporary low is in place.”
“The current movement is likely part of a consolidation phase and the risk is still on the downside. However, any down-move is likely to struggle near 1.6440 and our revised bearish target at 1.6400 may not be met this week."
Key Quotes
"While deteriorating short-term downward momentum is suggesting an imminent rebound, only a move above 1.6570 would indicate that a temporary low is in place.”
“The current movement is likely part of a consolidation phase and the risk is still on the downside. However, any down-move is likely to struggle near 1.6440 and our revised bearish target at 1.6400 may not be met this week."