FXstreet.com (Edinburgh) - The sterling is now giving away part of the initial gains after posting intraday highs above 1.4920 on Wednesday, as the hangover from the miserable results in the UK economy on Tuesday is gradually vanishing.

G.Yu and G.Berry, Strategists at the Swiss lender UBS, keep the bearish stance on the pair, adding, “The pair tested the key support 1.4832. A closing break below this would be negative, opening 1.4646. Resistance is at 1.4981”.

In addition, Karen Jones, Head of FICC Technical Analyst at Commerzbank, commented, “We note the divergence of the 240 minute RSI and currently we would continue to allow for a small rebound. We suspect that intraday rallies will struggle to clear the May lows at 1.5015 and the accelerated downtrend at 1.5139 should remain capped by 1.5300/25 and while capped here, the market will remain directly offered”. The expert also noted that there is not much support between 1.4832 and 1.4229.