GBP/USD steps up from the monthly R1 at 1.6109

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The whole QE thing from the Bank of England is again in the fore of our minds and that could be a negative factor for sterling. Italian politics could clearly blow up in our faces over the next few months but for the time being the market seems to have come to terms with it"
- Robobank International (based on Bloomberg)

Pair's Outlook
Although GBP/USD pair was depreciating yesterday and retested the monthly R1 at 1.6109 as a result, today the price increases and moves towards the upper Bollinger line at 1.6154. The next resistance level is at 1.6184, formed by the monthly R1 and weekly R2. Together with the Bollinger line they will form a formidable resistance area capable of halting further price's appreciation.

Traders' Sentiment
Disproportion in GBP/USD pair reached a significant extent, as the traders heavily prefer bearish positions: 24% of positions are long and 76% are short. Pending orders market shifts to bullish, as 53% of placed orders are buy and 47% are sell.

© Dukascopy Bank SA
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