Community Forecasts for September 14-18: GBP/USD 1W Chart - Community Forecasts - Dukascopy Bank

Tue, 08 Sep 2015 13:31:05 GMT
Source: Dukascopy Bank SA
 
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During the August 31– September 4 trading week, one of the most popular currency pair on the foreign exchange market traded in a downside manner. It was only influenced considerably by the UK economic data releases. Starting the week on a positive note around 1.54 level, the pair dropped 200 pips by the end of the week. On Tuesday, the Pound fell to almost three month lows as data showed that growth in the UK manufacturing sector slowed last month, dampening the outlook for third quarter growth. The UK manufacturing purchasing managers' index fell to 51.5 in the preceding month from 51.9 in July, compared to expectations for a rise to 52.0. The Cable continued to fall on Thursday, due to data showing that the UK service sector grew at the slowest pace in over two years in August. However, the pair generally moved along with our traders' expectations, as almost 57% of them waited for the Sterling to lose value.
 Dukascopy traders, in turn, became more undecided on future perspectives of this pair's movement, as bullish and bearish votes are almost equally divided at the moment. The bullish opinion is supported by Jignesh, who suggests that "GBP/USD has been on a sell off for 2 weeks. Now, we are starting to see an exhaustion of that sell off.  This week, we can observe the start of a bit of a pull back in the pair, on the back of profit taking. There are some very well known technical patterns on the daily chart that have been broken, which significantly limits the upside." Meanwhile, rokasltu supports bearish outlook, and claims that: "As GBP/USD is quite high in comparison with EUR/USD and since rate increase outlook is not clear from the BoE side, I think that GBP/USD will gradually go down during the coming weeks till it dips below 1.50."
 

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