GBP/USD tests the weekly R1 at 1.6109 Dukascopy

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The risk of euro/sterling breaking below 80 pence has increased following the announcement, it could lead to a pick-up in safe-haven flows into the UK as we move into next year"
- Bank of Tokyo-Mitsubishi (based on Reuters)

Pair's Outlook
GBP/USD pair's appreciation was stopped by the weekly R1 level at 1.6109. Currently, the price consolidates and it is very likely to see a further increase, at least till 1.6139, the upper Bollinger band. In case the impulse is strong enough to move higher, then the next resistance is at 1.6184, where the R1 intersects with R2.

Traders' Sentiment
Bears in GBP/USD pair show their power, as the sell side reached 79% and the buy side has only 21% of opened positions. Distribution in pending orders market stays the same, as buy orders have 49% and sell orders have 51%.
© Dukascopy Bank SA
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