GBP/USD comes under pressure ahead of 1.5922 - Technical Analysis - Dukascopy Bank

Mon, 03 Sep 2012 07:35:14 GMT
Source: Dukascopy Bank SA
 
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"The market has concluded Bernanke was relatively dovish and is now beginning to price in a higher chance of QE"
- Deutsche Bank (based on Reuters)

Pair's Outlook
The cable's endeavour to recover has once again failed ahead of resistance at 1.5922, supposedly sending it to an initial support level at 1.5837, although given the results of previous attempts, the dip may extend down to 1.5780/55, prior to a consolidation phase. Moreover, majority of weekly and monthly studies expect bearish scenario to unfold.

Traders' Sentiment
The gap between the shares of bullish and bearish traders has increased relatively to the data last Friday, since the portion of long positions has diminished to 32%, whereas the percentage of long ones has grown up to 68%. Nevertheless, buy orders (57%) exceed sell orders (43%).

© Dukascopy Bank SA

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