GBP/USD in correction phase

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The pair [GBP/USD] maintains a short term bearish tone, as the 1 hour chart shows that the price develops below a bearish 20 SMA, whilst the technical indicators head lower below their mid-lines."
- Valeria Bednarik, FX Street  (based on FX Street)

Pair's Outlook

The monthly PP forced the GBP/USD pair to edge down on Monday. The Cable attempted to cross the 1.49 border, but it failed due to a lack of selling pressure. Still, the near-term outlook is bearish, and we expect a further decline today. The weekly pivot point should prevent the Sterling from falling too far, although a dip towards the 20-day SMA at 1.4830 is also possible. The 1.48 level is yet to be breached, while the technical studies retain their mixed signals. 

Traders' Sentiment

For the third time in a row the portion of long positions remains unchanged at 43%. Meanwhile, the gap between the buy and sell orders narrowed, as 46% of all commands are set to purchase the Pound.

© Dukascopy Bank SA

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.