© Dukascopy
- FXPro Group Ltd. (based on Bloomberg)
Pair's Outlook
As GBP/USD was not able to brake through 1.6115/35 resistance level a few days ago, thus the price was forced to sharply retreat back and test lowers support levels. The current price is 1.6060 and fluctuates around the weekly PP. If this level is not sufficient to support the price retreatment, the next support zone will be at 1.6004/1.5970, where the 55-day SMA, weekly S1 and a Bollinger band lie.
Traders' Sentiment
SWFX market participants keep their expectations of the cable experiencing a further decrease, as only 33.9% traders have a long position and 66.1% have a short position. Pending orders segment is more balanced, as 47% orders are placed to open a buy position and 53% for a short position.
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