© Dukascopy
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"The risk of the [US] economy falling into a second recession over the next six to 12 months has been reduced, but we still have a very long way to go"
- Moody's Analytics (based on Reuters)
Industry outlook
As long as the currency couple is capped by a tough resistance area located at 1.6142, being 200 day ma, the bias for GBP/USD will be negative. Despite being supported by a line at 1.5877, the price is expected to go lower, down to 1.5632 and eventually 1.5272.
Traders' sentiment
Market participants preserve their stance towards GBP/USD. Presently 36.19% of all traders keep longs, whereas the most part, being 63.81%, preferred acquiring the British pound against the greenback.
Long position opened
The initial resistance level for intraday trading is 1.6081. Bulls might establish additional targets at 1.6130 and 1.6247 if the sterling appreciates even more.
Short position opened
Largest investors might have placed their take profit orders at the key support levels. These levels for intraday trading are situated at 1.5963, 1.5896 and 1.5779.