GBP/USD retreats from 1.5756/83 - Technical Analysis - Dukascopy Bank

Thu, 21 Jun 2012 07:57:55 GMT
Source: Dukascopy Bank SA
 
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"Increased risk appetite has pushed sterling towards its 200-day moving average level at $1.5753. If this continues the next target would be at $1.6058"
- Hampstead Capital (based on Reuters)

Pair's Outlook
GBP/USD seems to be planning to undergo a minor bearish correction prior to breaching a tough resistance area situated at 1.5756/83, which in turn is reinforced by a zone at 1.5818/46, and was not expected to be overcome in a very first attempt. Current dip is unlikely to extend below 1.5667/05. Such a scenario, however, may not be ruled out, possibly resulting in an exposure of 1.5534/30.

Traders' Sentiment
The ratio between bullish and bearish on GBP/USD positions stayed the same, as distribution among them stays equal, meaning there is no united view of the market on future development of the price. However, buy orders that constitute 45% of the total amount of commands are outnumbered by sell orders (55%).

© Dukascopy Bank SA

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