GBP/USD steps above the 200-day SMA at 1.5859

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Weak economic numbers and comments from the Bank of England presented a downside risk for sterling in the near term. Our view remains, however, that as long as the euro debt crisis is unresolved, sterling will benefit from a safe-haven status"
- Saxo bank (based on Bloomberg)

Pair's Outlook

After the test of the 200-day SMA at 1.5859 in the end of last week, GBP/USD pair steps higher and currently is traded at 1.5915. The pair retreated from the weekly S1 level at 1.5844 and now easily moves towards the 100-day SMA and the weekly R1, which intercept at 1.5944 level. Considering an uptrend scenario, 1.5932-1.5967 range will be the area, where majority of levels and moving averages converge. And for a downtrend, 1.5784 level will be very important, as the weekly and monthly S2 levels and the lower Bollinger line cross.

Traders' Sentiment
GBP/USD pair still remains bullish in SWFX market, as traders have 58% bullish positions and 42% bearish positions. Pending orders segment provides a slightly bearish data, since 47% orders are for buy and 53% for sell.

© Dukascopy Bank SA

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