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17 Sep 2015
GBP/USD: 1.5560 key near term resistance - UOB
FXStreet (Guatemala) - Analysts at UOB Group have a neutral outlook for GBP/USD on a 1-3 week time frame.
Key Quotes:
"Unconvinced that the current movement is the start of a sustained rally. While the outlook for GBP has certainly improved with the unexpected break above 1.5510, we are unconvinced that the current movement is the start of a sustained rally.
From here, only a break above 1.5560 would indicate further GBP strength to 1.5650 followed by the 1.5820 peak seen in late August. That said, the immediate risk is on the upside and only a move back below 1.5450 would indicate that upward pressure has eased."
Key Quotes:
"Unconvinced that the current movement is the start of a sustained rally. While the outlook for GBP has certainly improved with the unexpected break above 1.5510, we are unconvinced that the current movement is the start of a sustained rally.
From here, only a break above 1.5560 would indicate further GBP strength to 1.5650 followed by the 1.5820 peak seen in late August. That said, the immediate risk is on the upside and only a move back below 1.5450 would indicate that upward pressure has eased."