GBP/USD turns round to retest the 55-day SMA

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"This year, there has been a clear focus on protecting margins - there has been less knee- jerk discounting. Also, consumers are continuing to feel the pinch of hard economic conditions and are being much more careful about when and where they spend their money"
- BDO representative (based on Bloomberg)

Pair's Outlook
GBP/USD pair increased sharply yesterday, although has not reached any resistance level. Today the price has unexpectedly turned around and is depreciating towards a SMAs area at 1.6083/60, where the 55-day and 100-day SMA are located. It is very likely to see two scenarios today: the price will make a spike down and increase further at least till the 20-day SMA at 1.6163 or the pair will depreciate further, approving a bearish trend, and retest the 55-day SMA at 1.6060.

Traders' Sentiment
Investors to the Cable have cut their positions, as 33% of positions are long and 70% are short. Pending orders situation is slightly bullish, since 52% of orders are buy and 48% are sell.

© Dukascopy Bank SA
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