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GBP/USD in a neutral zone – UOB

FXStreet (Barcelona) - The Analysts at UOB Group feel that the GBP/USD pair is in a neutral phase now but a break above 1.5780 could lead to a sharp reversal.

Key Quotes

“While the overnight high of 1.5737 exceeded the trailing-stop at 1.5735 by a couple of pips, it is enough to suggest that the bearish phase that started from late last month has ended.”

“The current set-up suggests that a strong recovery is imminent but only a move above 1.5780 would indicate a sustained mid-term up-move.”

“In the meanwhile, we are holding a neutral view and expect this pair to trade between 1.5600 and 1.5780 for the coming week but a break above 1.5780 could lead to a quick move towards 1.5945 followed by 1.6020.”

“On the downside, a break below the now very strong support at 1.5590 would indicate a fresh bearish phase.”

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