© Dukascopy Bank
"The feeling is that although the UK data was disappointing it will not hamper the medium term picture"
- ETX Capital (based on Reuters)
Industry outlook
GBP/USD shows no intention of stopping its current rally and may carry on surging on the condition that bearish correction will not result in a dip below a support at 1.6062/63. Resistances are at 1.6199, 1.6028 and 1.6298.
Traders' sentiment
The overwhelming majority of market participants (71%) remain short on the Cable, expecting the British Pound to lose in value relative to the US Dollar.
Long position opened
While trading this pair, investors should pay attention to the immediate resistance level at 1.6210. If the pair manages to go through this level, further resistances are situated at 1.6234 and 1.6261.
Short position opened
A part of the brokers will close their short positions near initial support level at 1.6159. In case of downtrend continuation, the pair might rebound from the S2 at 1.6132 or S3 at 1.6108.
© Dukascopy Bank