© Dukascopy Bank
"Sterling can benefit further versus the dollar so long as global growth and data continue to hold up"
- RBS (based on Reuters)
Industry outlook
The Cable's bullish momentum seems to be weakening ahead of resistance area at 1.5770/80. Subsequent levels are at 1.5810 and 1.5890. Dips should be limited by supports located at 1.5640 and 1.5520.
Traders' sentiment
The British Pound - American Dollar currency pair is oversold at the moment, as the vast majority (77%) of market participants stay short on GBP/USD, while merely 23% keep on holding long trades.
Long position opened
Leading market participants, who have entered GBP/USD market with a buy trade, are expecting to close their positions at the key resistances at 1.5805, 1.5849 and 1.5903.
Short position opened
Bearish traders will pay attention to the key support levels to close their deals. The forecast targets are 1.5707, 1.5653 and 1.5609.
© Dukascopy Bank