© Dukascopy Bank
"Looking ahead, both the level of sterling and developments in the rest of the world are likely to be crucial to the United Kingdom's trade performance"
- BOE report (based on WSJ)
пЃ® Industry outlook
The pair has successfully bounced off 1.5443/20 and is currently recovering, although resistances situated at 1.5562 and 1.5744 might impede its further advancement. The weekly outlook thus remains neutral.
пЃ® Traders' sentiment
The majority of market participants (53.96%) in GBP/USD market anticipate the British Pound to gain in value, whereas the rest, being 46.04% f the market, expect in turn the American Dollar to appreciate.
пЃ® Long position opened
Largest brokers set a new long position target as a break of 1.5572 is an encouraging bullish sign en route to 1.5602. If the uptrend remains, the third target for intraday trading will be 1.5646.
пЃ® Short position opened
Major market participants with short positions will hold their deals until the price slides down to the initial support level at 1.5498. If the price continues the downtrend, the dealers might wait for the price to depreciate down to 1.5454 or 1.5424.
© Dukascopy Bank