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"A lot of the pound strength is it tracking the euro against the dollar, as if you look at pound-euro. The main figure driving the pound recently has been GDP. Revisions are due on Tuesday so if we see an upwards revision then" the pound may extend this week's advance"
- Investec Bank Plc (Based on Bloomberg)Pair's outlook
GBP/USD pair experienced a very volatile trading session on Friday, as the price surged almost 100 pips during U.S. trading hours and peak a new two-month high at 1.6050 level. Currently, the price is slightly lower from the high, just to normalize technical indicators (H1, H4) from an overbought zone. It is very possible to face another bullish impetus, as the price has not reached the Bollinger band at 1.6055 and the RSI has only a value of 57 in a daily graph.
Traders' sentiments
SWFX market participants rapidly change their positions as the GBP/USD exchange rate increases. Since last trading session traders' sentiments turned into bearish, as the buy side shrunk to 41% and the sell side reached 59%. Pending orders situation is very similar, as 48% placed orders are buy and 52% are sell.
© Dukascopy Bank SA