GBPUSD: Going through a consolidation phase – Lloyds Bank

Research Team at Lloyds Bank, suggests that the GBPUSD is currently in a consolidation phase over the 1.4375/65 support region.

Key Quotes

“The impulsive reversal, after spiking up to 1.4770, leaves the technical outlook biased to the downside, for a move back towards the 1.4150 channel support region.

Medium-term we still believe the market should remain in a range around 1.42, with 1.4050/1.3980 support ahead of the 1.35 key lows and 1.48-1.4950 the main resistance levels above this week’s spike highsResearch Team at Lloyds Bank, suggests that the GBPUSD is currently in a consolidation phase over the 1.4375/65 support region.. A move up through 1.50 is needed to confirm the 30-year support in the 1.40-1.35 has again held and a gradual move back towards 1.60/1.65 will be seen in the long-term.”