© Dukascopy
"Growth has picked up modestly in the second half of 2011, but not enough to bring unemployment down"
- William Dudley (based on CNBC)
Industry outlook
Support line at 1.5720 is not deemed as strong enough to halt downward impetus as fairly soon the currency couple will be headed towards 1.5632 en route to 1.5272 and ultimately, 1.5050.
Traders' sentiment
The share of bullish traders in GBP/USD has slightly gained up to 47.88% since last week whereas the portion of bearish trades has stepped lower, down to 52.12%, although this has not anyhow impacted the overall situation.
Long position opened
Bullish investors should pay attention to the key resistance levels for intraday trading. R1 is situated at 1.5882, followed by R2 and R3 at 1.5960 and 1.6110 respectively.
Short position opened
Major FX traders expect the price to test the initial support level at 1.5732. The breakout of this line will pave the way for the price to test S2 at 1.5659 and S3 at 1.5509.
© Dukascopy