© Dukascopy Bank SA
"Markets are scratching around for direction ahead of the bigger event risks later this week"
- CIBC (based on Reuters)
Pair's Outlook
Formidable resistance area at 1.5729/58 (composed of 100 and 200 day SMAs and an uptrend resistance) has repelled attack of the pair, sending it down to 1.5650. The latter level should soon give in and pave the way towards the following support at 1.5608/1.5574. In the medium-term GBP/USD is expected to fall even lower - towards 1.5472/50 (uptrend support).
Traders' Sentiment
Majority of opened positions on the cable are short (60%), while those who believe the Sterling is about to appreciate relatively to the U.S. Dollar are in distinct minority, as their share is 40%. On the contrary, the ratio between buy and sell orders is 47% to 53%, accordingly.
© Dukascopy Bank SA