GBP/USD en route to erase last week's gains

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Our forecasts for UK Q2 GDP have barely budged from 0.6% q/q since April and the release of Q1 GDP at 0.4%. Overall, this suggests the Q1 deceleration was indeed temporary and Q2 is back to trend—if not slightly above—what should be trend going forward."
- TD Securities (based on FXStreet)

Pair's Outlook

The Cable failed to rise on Thursday, as the worse-than-expected UK fundamentals pushed the GBP/USD currency pair back down. The Sterling reached a daily low of 1.55, but stabilised at 1.5517, leaving the door open for more weakness. The 20 and 55-day SMAs are likely to prevent the pair from advancing today, thus, a decline towards 1.5477, namely the weekly S1 is expected. Meanwhile, technical indicators are unable to confirm the bearish outcome, as most of their signals are mixed.

Traders' Sentiment

Market sentiment slightly improved, as 53% of traders are now long the Pound (previously 51%). The buy and sell orders also edged higher, reaching a perfect equilibrium.

© Dukascopy Bank SA

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
Chcete-li se dozvědět více o platformě Dukascopy Bank CFD / Forex, SWFX a dalších souvisejících obchodních informacích, prosím, zavolejte nám, nebo vám můžeme zavolat my.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.