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29 Jun 2015
GBP/USD has 1.5600 on the map - UOB
FXStreet (Guatemala) - Quek Ser Leang, analyst at UOB Group explained that GBP/USD has seen downward pressure but said a break below 1.5600 appears unlikely for now.
Key Quotes:
"We continue to hold the view that the current pull-back from the recent high of 1.5930 is expected to extend lower to 1.5600."
"For now, a break below this level appears unlikely. However, a clear move below this level would suggest the start of a sustained down-move in GBP towards the major support at 1.5450."
"On the upside, only a move back above 1.5830 would indicate that the immediate downward pressure has eased."
Key Quotes:
"We continue to hold the view that the current pull-back from the recent high of 1.5930 is expected to extend lower to 1.5600."
"For now, a break below this level appears unlikely. However, a clear move below this level would suggest the start of a sustained down-move in GBP towards the major support at 1.5450."
"On the upside, only a move back above 1.5830 would indicate that the immediate downward pressure has eased."