© Dukascopy Bank
"Rallies in sterling/dollar still provide an opportunity to short at better levels"
- London-based trader (based on Reuters)
Industry outlook
GBP/USD has managed to stabilise ahead of 1.5272, although a sustained rally is unlikely, since 55 day ma situated at 1.5673 presently caps the pair from above, while subsequent level is at 1.5704.
Traders' sentiment
The ratio between the long and the short positions held on GBP/USD has not been altered for the last 24 hours. Bulls continue to outweigh bears, constituting 64 per cent of the market.
Long position opened
The break of the short-term resistance line 1.5372 would pave the way for the pair to rise up to 1.5414. The clearance of the second daily resistance level would establish a new target for traders at 1.5460.
Short position opened
Largest investors might have placed their take profit orders at the key support levels. These levels for intraday trading are situated at 1.5284, 1.5238 and 1.5196.
© Dukascopy Bank