Flash: GBP/USD in debate, but string bids expected 1.5900 - OCBC

FXstreet.com (London) - GBP/USD has been under pressure since reaching a high of 1.6166. The pair has dropped to 1.5986 since and is struggling to regain territory with resistance coming in at 1.6070.

Emmanuel Ng, strategist for OCBC said, “Despite the recent spate of still somewhat supportive data releases (weak retail sales from last week notwithstanding), the pair may consolidate around current levels pending broader dollar cues with the 1.5900 area expected to see initial support on any weakness”.