GBP/USD well supported near 1.4600

Sterling is looking to extend its rebound from earlier lows in the 1.4600 area, with GBP/USD now managing to regain the 1.4615/20 band.

GBP/USD gains capped in the mid-1.4600s

Despite the risk-on environment, the pair is posting moderate losses after yesterday’s strong advance to the vicinity of 1.4650, all backed by results from UK referendum polls favouring a ‘Bremain’ scenario.

Anyway, the up move seems to have found strong resistance in the mid-1.4600s so far, ahead of US releases and key speeches by FOMC’s Harker, Kashkari and Kaplan. In the UK docket, the next relevant event will be tomorrow’s flash figures of Q1 GDP.

GBP/USD levels to consider

As of writing the pair is retreating 0.08% at 1.4623 and a breakdown of 1.4506 (20-day sma) would aim for 1.4373 (55-day sma) and finally 1.4330 (low May 16). On the flip side, the next hurdle aligns at 1.4666 (high May 19) ahead of 1.4770 (high May 3) and then 1.4815 (2016 high Jan.4).