GBP/USD underpinned by weekly PP

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"If you get growth disappointments in the UK, it delays when they hike, but if you get growth disappointments in the euro zone, it increases the chances of QE."
- HSBC (based on Reuters)


Pair's Outlook

For the time being the weekly PP seems to be providing enough support for the Cable to stay afloat. On the whole the technical indicators are also implying good performance by the Sterling, but the currency lacks momentum to continue its recovery. Ideally, the price should climb over the monthly R1 at 1.7248 and then seek contact with the upper boundary of the bullish channel, which stands together with the monthly R2 at 1.74.

Traders' Sentiment

The distribution between the bullish and bearish SWFX market participants is perfectly the same as yesterday—26% of them expect appreciation of the British Pound and 74% believe in an alternative scenario.
© Dukascopy Bank SA

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