GBP/USD struggles at 1.70

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"This is more about when the bank [BOE] starts its journey rather than its intended destination. We expect a slow and limited tightening cycle."
- Credit Suisse (based on Reuters)

Pair's Outlook

Even though the majority of the technical indicators are pointing upwards, the Cable seems to be lacking momentum in order to break a wall at 1.70. However, it is succeeds, there will be a good chance of GBP/USD rising up to 1.7320, namely the upper trend-line of the bullish channel. Conversely, should the Pound fail, there is always a dense demand area between 1.6829 and 1.6745, consisting of the rising trend-line, monthly PP, 55-day SMA and 100-day SMA.

Traders' Sentiment

An overwhelming majority (72%) of the market participants expect the Sterling to underperform relative the greenback, as they are currently holding short positions. As for the orders, 41% are to purchase and 59% are to sell the Pound against the buck.
© Dukascopy Bank SA

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