GBP/USD a test of 1.35/1.36 remains on the cards – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable could still visit the 1.35/1.36 band. Key Quotes “ GBP/USD continues to correct higher near term. The Elliott wave coun
   •  Risk-on mood prompts some fresh weakness at the start of a new week.     •  A goodish pickup in the US bond yields adds to the selling pressure.    •  Subdued USD demand does little, albeit help
   •  Dismal UK manufacturing data prompted some aggressive GBP selling and helped build on Friday's rebound from the vicinity of 50-day SMA support.    •  Momentum back above 100-day was key for buye
In light of preliminary data for GBP futures markets from CME Group, open interest dropped by around 8.3K contracts on Friday vs. Thursday’s final 251,920 contracts. In the same line, volume decreased
Cable trades in session lows in sub-1.3400 levels. UK’s Manufacturing/Industrial Production came in below estimates. UK’s trade deficit widened more than expected during April. The Sterling has now fa
“Piet Christiansen, Senior Analyst at Danske Bank, believes the European cross could be poised for extra upside in the very near term. Key Quotes “An interesting and likely volatile week awaits GBP wi
   •  Building on Friday's goodish rebound from the 146.00 handle and the momentum is supported by risk-on mood, which was seen weighing on the JPY's safe-haven demand.    •  The up-move might continu
Raoul Leering, Head of International Trade Analysis at ING, notes that President Trump continued to blow hot and cold on free trade at the G7 summit, making hostile comments about US trade partners in
Senior Analyst at Danske Bank Piet Christiansen noted the relevance for the Norwegian Krone of upcoming domestic data as well as the Norges Bank meeting. Key Quotes “In terms of the NOK, we are headin
FX Strategists at UOB Group has now shifted their near term stance on the Aussie Dollar to neutral from bullish. Key Quotes 24-hour view: “We expected 0.7590 to offer solid support last Friday but AUD

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