© Dukascopy Bank SA
"The GDP number was strong enough to rule out further monetary stimulus at the November BOE meeting and some of that is in the price for sterling already. More resilience from upcoming U.K. data releases would help sterling consolidate"
- Citygroup (Based on Reuters)
Pair's OutlookAs we predicted yesterday, GBP/USD retreated back and is around a 1.6075/85 level, where the 55-day SMA and the monthly PP levels go. Now the situation and a further movement depends on which side of this level the price will settle. Next resistance levels are: the Bollinger band at 1.61450 and the downtrend line with the weekly R1 line at 1.6180. A lower support level is the weekly S1 with the Bollinger line at 1.5951.
Traders' SentimentSWFX market players sentiments do not change already for a few days and stay strongly bearish, as 36% have a long position and 64% have a short position. Placed orders market shows equal distribution between orders, 48% pending orders are buy and 52% are sell.
© Dukascopy Bank SA