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18 Sep 2015
GBP/USD has a bullish outlook - UOB
FXStreet (Guatemala) - Analysts at UOB Group offered a technical outlook for GBP/USD over a 1-3 week basis.
Key Quotes:
"Bullish: Further up-move is likely but has likely seen bulk of the GBP strength. The break of the strong 1.5560 resistance led to a rapid up-move that almost touched the key level of 1.5650 (overnight high of 1.5628).
While we have turned bullish, we are concerned that we may have seen a bulk of the current GBP strength. That said, as long as the stop-loss at 1.5460 is not taken out, a break above 1.5650 could still lead to a further appreciation to 1.5720 but at this stage, the odds for such a move appear to be rather low."
Key Quotes:
"Bullish: Further up-move is likely but has likely seen bulk of the GBP strength. The break of the strong 1.5560 resistance led to a rapid up-move that almost touched the key level of 1.5650 (overnight high of 1.5628).
While we have turned bullish, we are concerned that we may have seen a bulk of the current GBP strength. That said, as long as the stop-loss at 1.5460 is not taken out, a break above 1.5650 could still lead to a further appreciation to 1.5720 but at this stage, the odds for such a move appear to be rather low."