© Dukascopy
"The economic fundamentals of Britain may not be brilliant, but some people see the pound as an alternative to the euro in an ugly contest"
- Rabobank International (based on Bloomberg)
Industry outlook
GBP/USD has tumbled below 1.5824 and may continue to fall down until it reaches 1.5632 or even 1.5272. Within the next three months though the price is expected to contract to 1.50. Rallies should be limited by 1.5872 and 1.6059.
Traders' sentiment
Traders' sentiment in GBP/USD market is much more bearish than bullish at the moment, since only 41.75% of liquidity consumers have acquired the cable, while the opposition is formed by a larger number - 58.25%.
Long position opened
The initial resistance level for intraday trading is 1.5889. Bulls might establish additional targets at 1.5977 and 1.6111 if the pound appreciates 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 1.5756, 1.5710 and 1.5576.
© Dukascopy