GBP/USD finds support at 1.56

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"While Carney's (comments) may discourage GBP buying in the near term, we still believe that sustained outperformance of the UK economy and inflation consolidation could support the pound before long."
- Citi (based on Reuters)

Pair's Outlook

The Cable reached a new yearly low last week, even though the currency was well-supported by 1.5850/30 and most of the monthly technical indicators were bullish. This confirms the down-trend resistance line (connects Jul 15 and Oct 29 highs) as the dominant factor in the behaviour of the Sterling in the medium term. Accordingly, while there is a high possibility of an upward correction, it should not extend beyond 1.59.

Traders' Sentiment

The SWFX market participants remain undecided with respect to the direction GBP/USD will take, as the gap between the bets on the Pound (55%) and on the Greenback (45%) is negligible—merely ten percentage points.
© Dukascopy Bank SA

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