© Dukascopy Bank SA
"Sales on Black Friday were very disappointing but retailers managed to drive a lot of people to their websites early on which helps us remain optimistic about the overall holiday season."
- RetailNext (based on Reuters)
Pair's Outlook
After posting the first weekly gains in more than a month, the Pound seems unlikely to hold its bullishness. The GBP/USD pair has already reached the lowest level this year in the very beginning of the week, thus the Sterling is eager to find a support level. We expect that the weekly S1 at 1.5567 could be the one to hold the pair afloat for now; however, down-side risks remain a possibility if the level fails to hold back the bears.
Traders' Sentiment
There is a conviction in the market that the Pound is undervalued against the US currency, being that as many as 55% of open positions are currently long. As for the orders, the amounts of buy (29%) and sell (71%) are far from equal.
© Dukascopy Bank SA