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18 Mar 2016
GBP/USD could advance towards 1.4570 – UOB Group
In view of the research team at UOB Group, the upside momentum in GBP/USD could extend towards 1.4570.
Key Quotes
“As mentioned in the 24-hour view, we clearly did not anticipate GBP to stage such a remarkable rally in such a short period of time (swinging from a low of 1.4053 on Wednesday to a high of 1.4504 during NY session)”.
“The outlook has shifted from bearish to bullish even though it appears that we have seen the bulk of the up-move”.
“That said, as long as 1.4350 is intact, another leg higher to test the mid-February high of 1.4570 will not be surprising”.
Key Quotes
“As mentioned in the 24-hour view, we clearly did not anticipate GBP to stage such a remarkable rally in such a short period of time (swinging from a low of 1.4053 on Wednesday to a high of 1.4504 during NY session)”.
“The outlook has shifted from bearish to bullish even though it appears that we have seen the bulk of the up-move”.
“That said, as long as 1.4350 is intact, another leg higher to test the mid-February high of 1.4570 will not be surprising”.