© Dukascopy Bank SA
"It's all about the dollar and speculation as to more quantitative easing. The whole move (in sterling) since the start of the week is a bit of a rebound"
- Bank of New York Mellon (based on Reuters)
Pair's Outlook
Even though a rebound from 1.5263/57 is not as robust as expected, GBP/USD is nevertheless advancing towards the closest resistance level, situated at 1.5538. Additional resistance will be provided by 1.5610/67 and 1.5778, however, these levels are likely to be overcome within the next several weeks. Dips in the meantime should be halted by 1.5443 and 1.5263/57.
Traders' Sentiment
The difference between the numbers of bullish and bearish trades in the market has narrowed down to 10%, since the shares of long and short positions are 55 and 45 per cent of the total amount, respectively. As for the orders placed on GBP/USD, only 35% of them are buy orders. Accordingly, 65% of positions are intended to be opened as sell trades.
© Dukascopy Bank SA