Community Forecasts for February 29 - March 5 : GBP/USD 1W Chart - Community Forecasts - Dukascopy Bank

Tue, 01 Mar 2016 12:02:12 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
During the previous week, the Cable moved in a much more steep manner as the most popular currency cross. With a promising beginning of the trading week, the Pound Sterling started depreciating from Tuesday. Massive loss was seen after the Brexit threat became more real, sending the Cable below $1.40, the lowest level since the depths of the global financial crisis. The next day, there was no major reaction on the pair as the GDP figures came in line with expectations and the Pound was trading quite flattish on the day. According to the Office for National Statistics, the second estimate of UK GDP for the fourth quarter remained at 0.5% and the yearly print also confirmed 1.9% growth. Investors were prepared for a downward revision to the UK's fourth-quarter growth rate but were pleasantly surprised as the data held firm. Consumer spending on services was the main driver of the upbeat report. Overall, Bank of England (BoE) Governor Mark Carney painted a gloomy economic picture when speaking at the Annual Institute of International Finance G20 conference in Shanghai earlier on Thursday.
On the other hand, this week's participants of Dukascopy quiz became much more bearish on pair's perspectives, as now 71.4% of all votes are short, while the average prediction is located on the weekly pivot point at 1.382. Trendmaster supports this idea, suggesting that "The GBP/USD downtrend continuation remains certain due to the increasing fears over potential UK exit from the European Union. I am expecting the pound to depreciate strongly against the major currency this week." Meanwhile, megajorko thinks strongly opposite, assuming that "The Cable has reached fresh lows but it has lost bearish momentum and I suppose next week the buying momentum to begin, because we are presently in deep oversold region".
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© Dukascopy Bank SA

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