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Flash: What does the GBP/USD have to offer? – Commerzbank and UBS

FXstreet.com (Barcelona) - The sterling has been following its European counterpart these last sessions, remaining subdued amidst the ongoing USD rally which saw the cross falling from highs around the 1.5600 handle in early May to the area of 1.5170/75 last Tuesday.

In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “the market has traded through but not closed below the end of April low at 1.5198, and is consolidating here. The recent break lower is directional and the market is now under pressure to sell off to 1.5035/28 4th April low and the 20th March low”.

In addition, G.Yu and G.Berry, Strategists at the Swiss lender UBS, commented, “Support is at 1.5174 and 1.5128; a closing break below the latter would be negative as it would confirm MACD settling below its zero line, extending weakness to 1.5034. Resistance is at 1.5339 ahead of 1.5390”. Recall that the bank hold a neutral bias on the cross.

Next week’s UK docket includes April Consumer Prices, Public Sector finances, BoE Minutes, Q1 GDP figures and Retail Sales.

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Flash: GBP/USD finds headwinds against resurgent USD – Investec

Sterling seems to be struggling this morning despite the GBP/USD closing higher yesterday evening – the dollar still appears to want to grind higher against the rest of its G10 rivals but encouragingly GBP/USD has found a bit of a range around 1.52/1.53.
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