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GBP/USD: sell rallies towards 1.5180 – OCBC

FXStreet (Edinburgh) - In the opinion of Emmanuel Ng, FX Strategist at OCBC Bank, bullish attempts to the 1.5180 area represent good opportunities to sell the pair.

Key Quotes

GBP-USD tested briefly below 1.5000 on Monday (reportedly on dovish comments from the BOE’s Vlieghe) but managed a smart bounce to eventually end higher on the day”.

“As noted previously, a top heavy bias for the EUR-GBP may continue to lend support to cable at the margins”.

“Structurally, the BOE remains in no hurry to tighten monetary conditions we think, with the central bank choosing to gradually phase out its FLF (Funding for Lending Scheme) into January 2018 instead of terminating it at the beginning of 2016. Look to fade any tests towards 1.5180 with 1.5000 still a relatively hard floor currently”.

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