© Dukascopy Bank
"The [UK] economic outlook is not great. It's better than the euro zone to some extent, but not a huge amount"
- AIB (based on Reuters)
GBP/USD is expected to make an attempt to break through a tough resistance situated at 1.5770/80. In case the currency pair is successful, it will target 1.5810 and 1.5964 next. Supports at 1.5645 and 1.5570 should cover losses if any occur.
Traders' sentiment
Even more traders have decided to short the Cable. Currently, the vast majority (77%) of traders has acquired the American Dollar against the British Pound, while 23% expect the Sterling to appreciate.
Long position opened
The price might rebound from the first resistance level at 1.5744, so major dealers are planning to close some of their long positions near this level. Subsequent goals for bulls are 1.5779 and 1.5824.
Short position opened
Bearish traders will pay attention to the key support levels in order to close their deals. The primary forecast target is 1.5664. If the pair erodes this level, then it might rebound from S2 of 1.5619 or S3 of 1.5584.
© Dukascopy Bank