© Dukascopy Bank
- RBC (based on Reuters)
Industry outlook
As long as the Cable is capped by resistances at 1.5727 (55 day ma) and 1.5748, the outlook will remain negative. Bearish impetus is strengthening and is likely to last until at least 1.5272 is reached.
Traders' sentiment
The difference between the amount of bullish and bearish trades has narrowed. Presently 39.97% of positions are long, while 60.03% of them are short, indicating that GBP/USD is still oversold.
Long position opened
Leading market participants, who have entered GBP/USD market with a buy trade, are expecting to close their positions at the key resistances at 1.5591, 1.5690 and 1.5752.
Short position opened
Bearish traders will pay attention to the key support levels to close their deals. The forecast targets are 1.5430, 1.5368 and 1.5269.
© Dukascopy Bank