Daily outlook for GBP: Lloyds Bank

Quotes from Lloyds Bank:

-We will be watching the UK data closely today as the recent rise is GBPUSD has developed an interesting wedge type process. Such a process generally gives way to renewed weakness, especially as we are reaching an important weekly trend area of resistance and we have the backdrop of uncertainty around the UK elections.

-However, a move up through 1.5520/50 resistance would open up further strength and be a driver for EURGBP towards more important support around .7250. While under this resistance in GBPUSD a drop back through 1. 5375/1.5350 should be a trigger for a shift back towards 1.5225/1.5150 and we are watching .7415/20 resistance in EURGBP in conjunction with this.