GBP/USD supported around 1.5350 – OCBC Bank

FXStreet (Edinburgh) - In the view of FX Strategist at OCBC Bank Emmanuel Ng, pullbacks in GBP/USD could find strong support around the mid-1.5300s.

Key Quotes

“On the CFTC front, net leveraged GBP longs were cut significantly in the latest week but the negative implication may be increasingly mitigated by the heightening skepticism towards the greenback this week”.

“In the interim, expect the pair to remain supported towards the 200-day MA (1.5350) while the 55-day MA (1.5529) may attract on any deepening USD capitulation”.