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20 Mar 2014
GBP/USD above 1.6660 resistance would indicate down-move over - UOB Group
FXStreet (Barcelona) - The Market Strategy Team at UOB Group believe that a GBP/USD move above 1.6660 resistance would signify the end of the recent downmove.
Key Quotes
"Our immediate target at 1.6540 was met and the swift pickup in the downward momentum suggests that the next target at 1.6440 could be met sooner than expected.”
“Oversold short-term condition may lead to a recovery but any up-move is likely to stay below 1.6605. However, only a move above the key resistant at 1.6660 (down from 1.6720 previously) would indicate that the current down-move is over"
Key Quotes
"Our immediate target at 1.6540 was met and the swift pickup in the downward momentum suggests that the next target at 1.6440 could be met sooner than expected.”
“Oversold short-term condition may lead to a recovery but any up-move is likely to stay below 1.6605. However, only a move above the key resistant at 1.6660 (down from 1.6720 previously) would indicate that the current down-move is over"