GBP/USD looks capped by 1.3977/1.4018 – UOB

Cable’s upside still appears limited by the 1.3977/1.4018 band, suggested Commerzbank’s Senior FICC Technical Analyst Axel Rudolph.

Key Quotes

“GBP/USD continues to be side-lined above the 2020-2021 support line at 1.3790 but belowthe 55 day moving average at 1.4014.”

“Below 1.3784 the March and April lows can be found at 1.3670/69.”

“Minor resistance between the March and April highs and mid-May low at 1.3977/1.4018 is expected to continue to cap.”

“Further up sit the 1.4082/91 late May and early June lows.”