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5 May 2016
GBP/USD: Technical outlook biased to the downside - Lloyds
Analysts from Lloyds Bank point out that after the reversal from 1.4770, the technical outlook points to the downside and they continue to see in the medium term, price in ranges.
Key Quotes:
“The impulsive reversal after spiking up to 1.4770 leaves the technical outlook biased to the downside. While a consolidation is possible, if PMI services come out weaker than expected today we can see this rate breaking support in the 1.4460/30 region to open a decline towards 1.43/1.42. Resistance on the day lies in the 1.4580-1.4625 region.”
“Medium-term we still believe the market should remain in a range around 1.42, with 1.4050/1.3980 support ahead of the 1.35 key lows and 1.48-1.4950 the main resistance levels above this week’s spike highs.”
Key Quotes:
“The impulsive reversal after spiking up to 1.4770 leaves the technical outlook biased to the downside. While a consolidation is possible, if PMI services come out weaker than expected today we can see this rate breaking support in the 1.4460/30 region to open a decline towards 1.43/1.42. Resistance on the day lies in the 1.4580-1.4625 region.”
“Medium-term we still believe the market should remain in a range around 1.42, with 1.4050/1.3980 support ahead of the 1.35 key lows and 1.48-1.4950 the main resistance levels above this week’s spike highs.”