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The Cable traded in highly-volatile and mixed environment during the September 14-18 working week. At the beginning, the Pound edged higher against the Dollar, after data showed that UK consumer prices rose in line with expectations last month, while sentiment on the Greenback remained vulnerable ahead of the Federal Reserve's policy statement this week. Meanwhile, the UK Office for National Statistics reported on Tuesday, that the consumer price index rose 0.2% last month, in line with expectations, after a 0.2% fall in July. Then, Pound advanced to session highs, since UK wage growth accelerated in August bolstering expectations for higher UK interest rates. On Thursday, the pair was hovering close to a three-and-a-half week high, after data showed that UK retail sales rose in line with expectations in August, as investors were cautious ahead of the Federal Reserve's policy statement. At the end of the week, the Cable edged up near three-and-a-half week highs due the Federal Reserve's decision to hold interest rates this month dampened demand for the Greenback.
This week traders' expectations changed insignificantly, with 64% of Dukascopy Community members being bullish. As a result, the advantage of bullish votes increased even more over the past five trading days. Market participants also see the pair higher by Friday of this week, with the mean forecast being placed at 1.556. As csan86 suggests "This pair is still bullish to me, moreover, it is moving in a rectangle pattern (Bottom/top: 1.5160-1.5820. I think the price will violate 1.5670 and the 1.5800 resistance level will be reached during the next week." The bullish opinion is supported by khalidamassi, who adds that "GBP/USD closed last week above critical 1.5500 which is good indication for pair bulls, but any clear break blow 1.5500 will dampen any bullish scenario."
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