GBP/USD to remain bullish - Technical Analysis - Dukascopy Bank

Fri, 02 Dec 2011 07:56:43 GMT
Source: Dukascopy
 
© Dukascopy
"Exports orders, which U.K. manufacturers are increasingly dependent on, continue to decline as the euro-zone crisis impacts demand in U.S. and Asia as well as Europe" 
- CIPS (based on WSJ)


пЃ® Industry outlook
After a short stop at 1.5747, 55 day ma, the cable is likely to continue progressing up to 1.5883/88, although a strong resistance at 1.5965 may halt further advancement. From below the pair is supported by levels located at 1.5645 and 1.5500.

пЃ® Traders' sentiment
GBP/USD market was the least altered yesterday, as the ratio between the amount of longs and shorts has almost stayed the same as it was a day before. 44.09% of trades are bullish, while the rest, being 55.91%, are bearish.

пЃ® Long position opened
Investors should pay close attention to the identified resistance levels for the pair at 1.5751, 1.5812 and 1.5870.

пЃ® Short position opened
A part of the brokers will close their short positions near initial support level at 1.5632. In case of downtrend continuation, the pair might rebound from the S2 at 1.5574 or S3 at 1.5513.
© Dukascopy

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