GBP: Closed higher for the third consecutive week - BBH

Analysts at BBH note that Sterling closed higher for the third consecutive week and the close was strong, on session highs.  

Key Quotes

“It looks poised to re-challenge the recent high near $1.2615 (March high)  However, the Slow Stochastics have already turned lower, and the MACDs look close to turning.   We suspect that follow through buying at the start of the week ahead will be sold, and the February high a little above $1.27 may go untested.  Since last October sterling has been in a broad trading range:  $1.20-$1.27.  We look for the range to remain intact until a new impetus emerges, which could be greater confidence in a June Fed move or UK economic developments.  Outside of headline risk, we don't anticipate the early Brexit talk to have a much-sustained impact.”