16 Feb 2016
GBP/USD choppy, albeit within range – UOB
The research team at UOB Group sees the sterling extending its recent sideline pattern in the next 1-3 weeks.
Key Quotes
“While GBP traded within its recent ranges, the weak daily closing suggests further downward pressure from here”.
“That said, momentum is patchy at best and a move below the major 1.4385 support is unlikely. Resistance is at 1.4490 and the 1.4535 peak seen yesterday is unlikely to come under threat for now”.
“There is not much to add as GBP continues to trade choppily within a confined range. We remain neutral and expect this pair to trade in a broad 1.4350/1.4650 for another week or so”.
Key Quotes
“While GBP traded within its recent ranges, the weak daily closing suggests further downward pressure from here”.
“That said, momentum is patchy at best and a move below the major 1.4385 support is unlikely. Resistance is at 1.4490 and the 1.4535 peak seen yesterday is unlikely to come under threat for now”.
“There is not much to add as GBP continues to trade choppily within a confined range. We remain neutral and expect this pair to trade in a broad 1.4350/1.4650 for another week or so”.