© Dukascopy Bank SA
- Bank of Tokyo-Mitsubishi UFJ (based on Bloomberg)
Pair's Outlook
The monthly pivot point near 1.66 turned out to be sufficient to prevent further decrease of Sterling's price. If this support remains intact, GBP/USD will have a good chance to recover up to the rising resistance trend-line at 1.6863. In the longer-term perspective, the pair may even climb up to the 2009 highs at 1.70, but will be expected to change the direction afterwards.
Traders' Sentiment
The sentiment with respect to GBP/USD remains largely neutral after a precipitous fall of the price, with only a slight advantage of bears (55%) over bulls (45%). At the same time we observe an increasing number of buy orders placed on the pair—their percentage went up from 54% to 59%.
© Dukascopy Bank SA