© Dukascopy Bank
"There is a growing likelihood of a slide [for UK] back into recession in the New Year"
- Markit (based on WSJ)
пЃ® Industry outlook
The British Pound - American Dollar currency pair is anticipated to act calmly on Friday. The initial resistance is situated at 1.5779, while support at 1.5557 is likely to halt downward movement.
пЃ® Traders' sentiment
The Cable is oversold at the moment. Nearly a third of traders (34.03%) expect the pair to rise, whereas the largest part, being 65.97% of the market, anticipate the American Dollar to appreciate.
пЃ® Long position opened
Bullish investors should pay attention to the key resistance levels for intraday trading. R1 is situated at 1.5720, followed by R2 and R3 at 1.5764 and 1.5799, respectively.
пЃ® Short position opened
Major FX traders expect the price to test the initial support level at 1.5641. The breakout of this line will pave the way for the price to test S2 at 1.5606 and S3 at 1.5562.
© Dukascopy Bank