GBP/USD risks falling to a fresh seven-week low

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The dollar looks pretty strong. Although there are no fresh trading factors as we head into Christmas, we see dollar buying whenever the currency slips." 
- Barclays (based on Reuters) 


Pair's Outlook 
Yesterday the GBP/USD currency pair experienced rather substantial downside volatility, with the exchange rate almost reaching the 1.23 major level, but ultimately closing above the immediate support area. The Pound remains on the back foot today, with the weekly S1 and the lower Bollinger band still forming a relatively strong demand area just above the 1.23 mark. The possibility of a positive outcome is even lower today, being that technical indicators are no longer giving bullish signals in the daily timeframe. In case the Cable drops under the 1.23 level, the next target will be the monthly S1, located at 1.2251. 

Traders' Sentiment 
Today 63% of traders have a positive outlook towards the British currency, compared to 62% on Tuesday. At the same time, the share of sell orders inched down from 58 to 55%.
© Dukascopy Bank SA

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