22 Aug 2013
Flash: What’s the sentiment around the GBP/USD? – RBS and UBS
FXstreet.com (Edinburgh) -The sterling continues to trade on he back footing on Thursday, hovering over 1.5570/65 and in negative figures for the second session in a row. The hawkish tone from Wednesday’s FOMC minutes are still propping up the USD rally and deepening the GBP/USD pullback from recent highs above the key resistance at 1.5700.
“In the short term the recent squeeze in GBP/USD short positions appears likely to continue, with the June high around 1.5750 an obvious target… support levels will initially be found at 1.5560/70, with stronger support at 1.5450. Only back below 1.5330 will the buyers likely start to reassess the march higher”, commented analysts at RBS.
In addition, G.Yu and G.Berry at the Swiss bank UBS suggested, “The pair is under correction within what is an ongoing bullish trend. Support is at 1.5536 ahead of 1.5423. Resistance is at 1.5752 ahead of 1.5879”. It is worth recalling the the bank holds a bullish stance on the pair.
“In the short term the recent squeeze in GBP/USD short positions appears likely to continue, with the June high around 1.5750 an obvious target… support levels will initially be found at 1.5560/70, with stronger support at 1.5450. Only back below 1.5330 will the buyers likely start to reassess the march higher”, commented analysts at RBS.
In addition, G.Yu and G.Berry at the Swiss bank UBS suggested, “The pair is under correction within what is an ongoing bullish trend. Support is at 1.5536 ahead of 1.5423. Resistance is at 1.5752 ahead of 1.5879”. It is worth recalling the the bank holds a bullish stance on the pair.