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Forex: GBP/USD advances above 1.5300

FXstreet.com (Barcelona) - The sterling is consolidating its positive momentum above the key mark at 1.5300 on Tuesday, favoured by the increasing risk-on tone and following its European counterpart.

In the view of the research team at BBH, “Sterling's break down through a 2-month uptrend on an intraday basis warns that the $1.56 area, which has been repeatedly tested with little satisfaction, marks a more significant top. At the same time, the fact that sterling closed above the trend line is consistent with our sense that a period of consolidation, at least in the early part of the new week, is likely. During this phase, sterling can recover toward $1.5420-50”.

At the moment, GBP/USD is up 0.06% at 1.5309 and a breakout of 1.5405 (MA21d) would then target 1.5447 (low May 7) en route to 1.5465 (MA0d).
On the flip side, support levels are located at 1.5275 (low May 13) ahead of 1.5265 (low Apr.25) and finally 1.5246 (MA55d).

Forex Flash: Bunds grounded by support in bearish outlook – RBS

The market gained support at 144.43, after forming a Tweezer top pattern (prior low equals to the open). According to Technical Strategist Dmytro Bondar at RBS, “Some consolidation is expected above the 144.35 polarity level, but the market remains bearish amid head and shoulders pattern with initial targets of 144.24 and 143.54.”
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