© Dukascopy Bank
"The overall [U. K.] economy is verging on recession"
- Capital Economics (based on WSJ)
пЃ® Industry outlook
Even though GBP/USD at the moment hovers below 1.5743 the cable is likely to advance to 1.5883/88 and even up to 1.5957. Dips, on the other hand, will be limited by support area at 1.5583/76. The overall bias is neutral.
пЃ® Traders' sentiment
GBP/USD market participants continue to be divided into 2 almost equal parts. 49.18% of traders expect the British pound to appreciate relative to the American Dollar, while 50.82% believe in an alternative scenario, where the Sterling loses in value.
пЃ® Long position opened
Largest brokers set a new long position target as a break of 1.5713 is an encouraging bullish sign en route to 1.5782. If the uptrend remains, the third target for intraday trading will be 1.5846.
пЃ® Short position opened
Major market participants with short positions will hold their deals until the price slides down to the initial support level at 1.5580. If the price continues the downtrend, the dealers might wait for the price to depreciate down to 1.5516 or 1.5447.
© Dukascopy Bank