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6 May 2015
GBP/USD: Sellers need a break of 1.5080/54 - JPMorgan
FXStreet (Bali) - Niall O'Connor, FX Strategist at JP Morgan, notes that a break of the 1.5080/54 support in GBP/USD is necessary to suggest a more sustained reversal is underway.
Key Quotes
"We see an important test for GBP/USD as the rally from the March low approached the critical resistance in the 1.5555/70 zone which includes the March high, as well as the 38.2% retracement of the decline from the 2014 high."
"Given the current overbought setup, some retracement from this area is likely, but a break of the 1.5080/54 support area is necessary to suggest a more sustained reversal is underway."
Key Quotes
"We see an important test for GBP/USD as the rally from the March low approached the critical resistance in the 1.5555/70 zone which includes the March high, as well as the 38.2% retracement of the decline from the 2014 high."
"Given the current overbought setup, some retracement from this area is likely, but a break of the 1.5080/54 support area is necessary to suggest a more sustained reversal is underway."