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"There might be another attempt to break the top at $1.59 but I don't think that it will necessarily have much momentum above there"
- Jeremy Stretch, currency strategist at CIBC (Reuters)
Industry outlook
Tough resistance zone at 1.5898/1.5927 did not manage to halt the pair. Therefore GBP/USD is now aiming for 1.6000. In case it overcomes the latter level as well, 1.6167 may be reached as well. Supports are located at 1.5901 and 1.5894.
Traders' sentiment
Short position holders have extended their advantage over those who preferred entering long positions. Bears now constitute 79% of the market, while bulls compose only 21% of it.
Long position opened
Initial resistance area for the pair is situated at 1.5962. Subsequent goals for the bullish market payers may be found at 1.6004 and 1.6086.
Short position opened
A part of the brokers will close their short positions near initial support level at 1.5839. In case of downtrend continuation, the pair might rebound from the S2 at 1.5757 or S3 at 1.5715.
© Dukascopy Bank