GBP/USD to hit 1.5330 - Technical Analysis - Dukascopy Bank

Fri, 25 Nov 2011 09:04:22 GMT
Source: Dukascopy
 
© Dukascopy
"We have the ammunition and a willingness to use that ammunition"
- David Miles, BoE Policy Maker (based on WSJ)

Industry outlook
The currency couple is gaining bearish momentum as it has already penetrated 1.5463. The following marks at 1.5330 and 1.5272 will soon be reached. The long-term target is at 1.5050. Upper spikes should not extend above 1.5635 and 1.6008.

Traders' sentiment

Traders' sentiment for GBP/USD currency pair is 66.22% bullish, as traders with longs outweigh those FX players, who carry on holding short positions, despite that their share in the market is decreasing.

Long position opened
The initial resistance level for intraday trading is 1.5537. Bulls might establish additional targets at 1.5599 and 1.5695 if the British Pound appreciates.

Short position opened
Largest investors might have placed their take profit orders at the key support levels. These levels for intraday trading are situated at 1.5441, 1.5407 and 1.5312.
© Dukascopy

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