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29 May 2015

GBP/USD still under pressure, 1.5059 eyed – Commerzbank

FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the weakness around the pound could send spot to the 1.5059/1.5121 band.

Key Quotes

“GBP/USD remains under pressure and has now filled the gap available down to 1.5290”.

“We continue to suspect that the market has topped just ahead of key resistance offered by 1.5855/80, the October 2013 low and 50% retracement. We look for a return to the cloud support and May low at 1.5059/1.5121”.

“The 200 week moving average at 1.5888 reinforces overhead resistance. Rallies should now be contained by the 1.5699 21st May high and are likely to find that the 200 day ma now offers good nearby resistance at 1.5547”.

May 29, 2015

FTSE suffers moderate losses

London’s Ftse index suffered moderate losses on Friday on an unexpected drop in consumer morale in the United Kingdom.

GBP/USD in red below 1.5300

The pound accelerates losses versus the American dollar amid a data-dry GBP calendar, now pushing GBP/USD further below 1.53 handle. The major keeps losses despite a broadly muted US dollar as most traders wind up their positions towards the month end ahead of the key US GDP data release.