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Flash: Where is the GBP/USD going? – Commerzbank and UBS

FXstreet.com (Barcelona) - The sterling is clinging to 1.5200 the figure on Friday, managing quite well despite the increasing risk aversion that is now taking a toll on the riskier assets, recovering some ground after yesterday’s sell off.

“GBP/USD is trading higher following its bullish engulfing session charted on Thursday. We would allow for a slightly deeper retracement towards the 1.5373 (61.8% retracement) and possibly 1.5476 (78.6% retracement) ahead of failure”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank. The expert added that the bearish bias would remain as long as the market trades below May high at 1.5601.

Strategists G.Berry and G.Yu at the Swiss lender UBS keep the bearish outlook on the pair, adding “The strength over the past two days has tested important resistance at 1.5237. Only a closing break above would extend the recovery to 1.5308 and then 1.5378. Support is at 1.5111 ahead of 1.5009”.

Flash: Where is the GBP/USD going? – Commerzbank and UBS

The sterling is clinging to 1.5200 the figure on Friday, managing quite well despite the increasing risk aversion that is now taking a toll on the riskier assets, recovering some ground after yesterday’s sell off.
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