06:07 AM EDT, 05/15/2025 (MT Newswires) -- EUR/USD has found some decent support under 1.11 and ING said it expects that to continue.

Thursday's data calendar is very light -- just the second reading of eurozone Q1 gross domestic product -- and EUR/USD will again be driven by the US dollar story, wrote the bank in a note.

Regarding diversification away from the US dollar, next week will see the March balance of payments data for the eurozone. February data had shown strong equity inflows into the eurozone, and another big purchase in March would support survey findings suggesting a shift in focus toward the region, stated ING.

The bank sees EUR/USD trading in a 1.11-1.15 range over the coming weeks and months, although risks are skewed to the upside. 1.1265 is now decent intra-day resistance.

Sterling hasn't seen a large bounce on seemingly strong Q1 United Kingdom GDP data at 0.7% quarter-on-quarter, added the bank. ING thinks there may be some "faulty" seasonal adjustments at work here which help Q1 data but weigh on data in the second half. Still, the bank quite likes sterling at the moment. Next Monday sees the U.K.-European Union summit, the first since Brexit. More discussion about U.K.-EU alignment should help sterling.

With the US dollar looking a bit "vulnerable," GBP/USD looks biased to the 1.3360/3400 area short term, according to ING.