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GBP/USD treading water around 1.5100

FXstreet.com (Barcelona) - After dipping to the area of 1.5085/90 on Monday, the sterling has managed to return to the key 1.5100 handle amidst the prevailing dullness in the markets.

According to Camilla Sutton, Strategist at Scotiabank, the short-term bias on the pair remains bearish. “The recent spot rally has failed to break above last Wednesday’s open of 1.5154 and accordingly has left all sell signals in place. A failure to do so today or tomorrow will add to selling pressure and likely lead to a retest of last Wednesday low of 1.5020”, noted the analyst.

The pair is now losing 0.21% at 1.5103 with the next support at 1.5065 (low May 24) ahead of 1.5014 (low May 23). On the other hand, a break above 1.5149 (high May 27) would expose 1.5170 (MA10d) and finally 1.5175 (high May 22).

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