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22 Apr 2016
GBP/USD key levels to watch - Lloyds Bank
Analysts from Lloyds Bank see the GBP/USD pair moving in a range between 1.3850-1.35 and 1.45-1.48.
Key Quotes:
“Pivot resistance in the 1.4425/35 capped yesterday’s rally attempt. As such our bias remains for a drift back towards range supports lying in the 1.41-1.3980 region, with 1.4280/40 pivotal in this regard.”
“Medium term, we expect the market to continue to trade a range between 1.3850-1.35 support and 1.45-1.48 resistance. Should we see a breakdown through 1.35, then we have little in the way till meaningful support in the 1.2800 region.”
“A move up through 1.45 would expose weekly trend resistance, now coming in around 1.4700, with 1.4865 important Fibonacci resistance above. These upper levels need to be cleared to suggest the 30-year support over 1.35 has again held for a gradual longer term move back towards 1.60.”
Key Quotes:
“Pivot resistance in the 1.4425/35 capped yesterday’s rally attempt. As such our bias remains for a drift back towards range supports lying in the 1.41-1.3980 region, with 1.4280/40 pivotal in this regard.”
“Medium term, we expect the market to continue to trade a range between 1.3850-1.35 support and 1.45-1.48 resistance. Should we see a breakdown through 1.35, then we have little in the way till meaningful support in the 1.2800 region.”
“A move up through 1.45 would expose weekly trend resistance, now coming in around 1.4700, with 1.4865 important Fibonacci resistance above. These upper levels need to be cleared to suggest the 30-year support over 1.35 has again held for a gradual longer term move back towards 1.60.”