GBP/USD refuses to cross weekly PP

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Cheaper food and petrol prices are a boon for consumers that should help keep their confidence healthy and return some of the sparkle to U.K. growth next year."
- Berenberg Bank (based on Bloomberg)

Pair's Outlook

GBP/USD rose in value during last 24 hours; however, the pair refused to breach a resistance at 1.5733 and returned back below the 1.57 major level. It seems that a significant bearish pressure continues to weigh on pair's performance. Therefore, we forecast the Sterling to decline further in the medium-term, but today it will most probably stay above the monthly S2 at 1.5662. This scenario is supported by technical studies on daily and weekly charts.

Traders' Sentiment

Distribution between bullish and bearish opened positions stays the same for a fourth day in a row at 56% and 44%, respectively. Alongside, pending orders experienced no major changes either, as ones in 100-pip range from the spot are neutral right now.

© Dukascopy Bank SA

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.