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Forex: GBP/USD upside capped around 1.5270

FXstreet.com (Barcelona) - After another failed attempt to climb to the area of 1.5280, the GBP upside faltered and retraced the bull run to the current region of 1.5210/15, leaving behind the better employment figures, the inflation report and King’s speech.

“The bias from here is for gilt curves to steepen a bit on lack of QE, but they won’t be able to fully price it out until after Carney’s first IR in August at the earliest, when he’s due to reach a decision on whether the BoE could move toward conditional policy guidance like the Fed”, assessed Senior Global Strategist at TD Securities, Jacqui Douglas.

The pair is now up 0.02% at 1.5212 and a breakout of 1.5331 (high May14) would aim for 1.5392 (MA21d) en route to 1.5419 (MA10d).
On the downside, support levels align at 1.5128 (61.8% of 1.4832-1.5607) followed by 1.5034 (low Apr.4).

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