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21 Mar 2016
GBP/USD likely to extend the rebound to 1.4570 – UOB
In view of the research team at UOB Group, the pair could see its upside extended towards 1.4570.
Key Quotes
“While the strong rally from the low of 1.4053 last week is clearly overbought, there is no sign of weakness just yet and further GBP strength still appears likely in the days ahead”.
“That said, 1.4570 is a very strong resistance and this level would not be easy to break”.
“A move above this level would be very positive for GBP and would open up the way for a retest of the February high of 1.4672”.
“Overall, GBP is expected to remain underpinned as long as the key support at 1.4350 is intact (the 1.4053 low is unlikely to come under threat any time soon)”.
Key Quotes
“While the strong rally from the low of 1.4053 last week is clearly overbought, there is no sign of weakness just yet and further GBP strength still appears likely in the days ahead”.
“That said, 1.4570 is a very strong resistance and this level would not be easy to break”.
“A move above this level would be very positive for GBP and would open up the way for a retest of the February high of 1.4672”.
“Overall, GBP is expected to remain underpinned as long as the key support at 1.4350 is intact (the 1.4053 low is unlikely to come under threat any time soon)”.