GBP/USD to surge in the short-term - Technical Analysis - Dukascopy Bank

Thu, 01 Dec 2011 08:33:02 GMT
Source: Dukascopy
 
© Dukascopy
"The capacity of U.K. public finances to absorb adverse economic and financial shocks that would result in yet higher public debt while retaining its 'AAA' status has largely been exhausted" 
- Fitch Ratings (based on WSJ)

пЃ® Industry outlook
The cable is expected to extend its gains up to the levels of 1.5883/88 or even 1.5974, which in turn are likely to resist further advancement. After this rally the bearish momentum is anticipated to gain strength and drag the price down to 1.5330 and to even lower levels at 1.5272 and 1.5072.

пЃ® Traders' sentiment
Long positions are presently being outweighed by short ones, being the opposite situation of Wednesday. Bullish trades constitute 45.86% of the market, while bearish ones make up 54.14% of it.

пЃ® Long position opened
Investors should pay attention to the identified with the help of the standard pivot point method resistance zones, as they might be useful during intraday trading. The initial resistance level is at the level of 1.5814, whereas R2 and R3 are situated at 1.5924 and 1.6068 accordingly.

пЃ® Short position opened
Key support for GBP/USD intraday trading is situated at 1.5560. In case S1 is penetrated, traders with short positions are likely put their T/P orders at 1.5416 and 1.5306.
© Dukascopy

Back to feed
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.