26 Mar 2014
GBP/USD: Break above 1.6570 shifts focus to neutral - UOB
FXStreet (Bali) - The Market Strategy Team at UOB Group expects that a breach of 1.6570 - as a daily close - would shift the market profile back to neutral from the the current bearish outlook.
Key Quotes
"The recovery from the recent low of 1.6460 continues to gain momentum and it is getting increasingly likely that the current bearish phase is close to an end. The level to watch is 1.6570 as a daily close above this level would shift the current bearish outlook to neutral. Only a clear break back below 1.6460 would suggest extension lower towards the revised target at 1.6440 followed by 1.6400."
Key Quotes
"The recovery from the recent low of 1.6460 continues to gain momentum and it is getting increasingly likely that the current bearish phase is close to an end. The level to watch is 1.6570 as a daily close above this level would shift the current bearish outlook to neutral. Only a clear break back below 1.6460 would suggest extension lower towards the revised target at 1.6440 followed by 1.6400."