© Dukascopy Bank SA
"Still the 1.5000 barrier has proven to be a formidable resistance over the past month and with UK election still a big unknown further upside in the pair may be limited."
- BK Asset Management (based on PoundSterling Live)
Pair's Outlook
Yesterday, the Cable slightly underperformed, as it was unable to reach the initial resistance level. Moreover, downside volatility stretched out towards 1.4950, rather than 1.50. At the end of the day GBP/USD closed at 1.5051. Today's perspective towards the Sterling is bullish. A surge is likely to occur amid soft fundamental data from the US, which showed worse-than-expected figures in the previous five months. The resistance cluster shifted slightly higher to 1.5105. Meanwhile, technical studies retain their mixed signals.
Traders' Sentiment
More traders are now long the British currency, namely 42% of them (previously 41%). The gap between buy and sell commands narrowed to 45% vs 55%.
© Dukascopy Bank SA