© Dukascopy Bank SA
"Sterling is up as traders breathe a collective sigh of relief, but the bullishness is unlikely to last until the new year"
- Moneycorp (based on Reuters)
Pair's Outlook
The cable appears to be reluctant to continue advancing, completing its up leg in a bearish channel. Now the pair is set to decline, although technical indicators remain mixed, suggesting that GBP/USD may delay gaining downward momentum. In the near term rallies are to be contained by 1.6028 and 1.6047/62, while supports at 1.5987/57 and 1.5938/24 may hamper movement down.
Traders' Sentiment
The share of bearish market participants has decreased to 59%, implying that most of traders remain convinced that the Sterling is going to depreciate relatively to the U.S. Dollar, whereas 41% of traders believe in an alternative scenario. On the other hand, there are 48% of buy orders and 52% of sell orders.
© Dukascopy Bank SA