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20 May 2015
GBP/USD: Bearish for next couple of weeks - UOB
FXStreet (Guatemala) - Analysts at UOB Group explained their ideas around the technical outlook for GBP/USD.
Key Quotes:
"While we expected a move to 1.5495/00 yesterday, the pace and the depth of the drop suggests that the current GBP weakness could be a major reversal instead of just a corrective pull-back."
"In other words, the outlook for this pair is bearish for the next 1 to 2 weeks. From here, we are targeting a move to 1.5400 which is a strong support where a break would signal a move to 1.5240 next."
"Stop-loss is at 1.5665 but 1.5600 is likely strong enough to contain any short-term recovery."
Key Quotes:
"While we expected a move to 1.5495/00 yesterday, the pace and the depth of the drop suggests that the current GBP weakness could be a major reversal instead of just a corrective pull-back."
"In other words, the outlook for this pair is bearish for the next 1 to 2 weeks. From here, we are targeting a move to 1.5400 which is a strong support where a break would signal a move to 1.5240 next."
"Stop-loss is at 1.5665 but 1.5600 is likely strong enough to contain any short-term recovery."