GBP/USD has shown strong volatility of late. What is the near-term, technical outlook for the pair? Here is their view, courtesy of eFXdata: UOB Research discusses GBP/USD technical outlook and adopts a bearish bias in the near-term. “When GBP surged to 1.2200 on 27 Mar, we indicated that the “recovery in GBP has scope to extend higher but prospect for a move beyond 1.2550 is not high for now”. GBP subsequently extended its gain to 1.2484, traded sideways for several days before lurching lower last Friday (03 Apr) and came close to taking out our ‘strong support’ level at 1.2205. While the ‘strong support’ is still intact, upward pressure has dissipated with the sharp and rapid decline,” UOB notes. “The immediate risk from here is tilted to the downside but any weakness is viewed as part of a broad 1.1950/1.2420 range (a sustained decline below 1.1950 is not expected),” UOB adds. For lots more FX trades from major banks, sign up to eFXplus By signing up for eFXplus via the link above, you are directly supporting Forex Crunch. Kenny Fisher Kenny Fisher Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer. Kenny's Google Profile View All Post By Kenny Fisher Daily Look share Read Next EUR/GBP: Starting to recover – Commerzbank FX Street 2 years GBP/USD has shown strong volatility of late. What is the near-term, technical outlook for the pair? Here is their view, courtesy of eFXdata: UOB Research discusses GBP/USD technical outlook and adopts a bearish bias in the near-term. "When GBP surged to 1.2200 on 27 Mar, we indicated that the "recovery in GBP has scope to extend higher but prospect for a move beyond 1.2550 is not high for now". GBP subsequently extended its gain to 1.2484, traded sideways for several days before lurching lower last Friday (03 Apr) and came close to taking out our 'strong support' level at 1.2205.… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
