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- Bank of Tokyo-Mitsubishi UFJ Ltd. (based on Bloomberg)
Pair's Outlook
GBP/USD managed to close above a tough resistance level, and this is a positive sign for the price, especially considering bullishness of the technical indicators on the daily and weekly charts. Therefore a surge beyond the weekly R1 at 1.6544 is a high-probability event. However, immediately after this resistance there is the 2011 August high that triggered a massive sell-off on January 2.
Traders' Sentiment
The difference between the proponents and opponents of a rally stays insignificant. At the moment of writing 48% of positions are long and 52% are short, meaning the overall sentiment is presently neutral. Meanwhile, there are now considerably more traders willing to sell the Sterling (68%) against the buck than before (60%).
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