© Dukascopy Bank
"We expect cable to trade in the $1.57-$1.60 band"
- RWC Capital (based on Reuters)
Industry outlook
A strong support situated at 1.5876 (200 day ma) is expected to continue to cap the price from above, while the bias of the Cable remains bearish. In the short-term 1.5650/43 is in focus, followed by 1.5581 and 1.5500.
Traders' sentiment
Buy orders on GBP/USD are considerably outnumbered, as they constitute only 26% of the total amount of orders, while sell orders form 74%.
Long position opened
Investors should pay attention to the identified with the help of the standard pivot point method resistance zones, as they might be useful during intraday trading. The initial resistance level is at the level of 1.5779, whereas R2 and R3 are situated at 1.5891 and 1.5949 accordingly.
Short position opened
Bearish traders will pay attention to the key support levels in order to close their deals. The primary forecast target is 1.5609. If the pair erodes this level, then it might rebound from S2 of 1.5551 or S3 of 1.5439.
© Dukascopy Bank