GBP/USD is slowly eroding 1.5757/80 - Technical Analysis - Dukascopy Bank

Wed, 20 Jun 2012 07:49:42 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
"More active policy easing from the BoE is likely to continue weighing upon the pound"
- Bank of Tokyo Mitsubishi (based on Reuters)

Pair's Outlook
Step by step GBP/USD is inching higher in an attempt to erode 1.5757/80, which in turn is reinforced by a tough resistance zone at 1.5817/48 and is not expected to give in easily. As soon as the latter area is penetrated, the Cable will then be able to target 1.6192. In the meantime, supports at 1.5667/05 and 1.5533/30 will be halting near-term dips, thereby securing pairs' bullish outlook.

Traders' Sentiment
Stance of market participants on GBP/USD is largely unchanged since the last report, as the portions of bulls and bears are nearly equal, implying indecision of the market with respect to the future trend the Cable will adopt. Moreover, the ratio between buy and sell orders is 52% to 48%.

© Dukascopy Bank SA

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