GBP/USD Still Faces Resistance at 1.4500/20 – BBH
In opinion of analysts at BBH, Cable’s upside could find strong resistance in the 1.4500/20 band.
Key Quotes
“Sterling is flirting with a down trendline drawn off the early-February high and March highs”.
“It
was near $1.4410 before the weekend. Although on April 21 and April 22,
the trendline was penetrated on an intraday basis, sterling has not
closed above it”.
“The next resistance is cited near
$1.4500-$1.4520. While the technical tone is constructive, we suspect
that the overall dollar direction will drive sterling”.
