© Dukascopy Bank
"As things stand a subsequent round of QE [by BoE] is likelier than not"
- Investec (based on WSJ)
пЃ® Industry outlook
Resistance line located at 1.5748 has successfully repelled the attack and has sent GBP/USD down to 1.5560. Subsequent supports are at 1.5500 and 1.5397. Nevertheless, this weakness is temporary and 1.5883/88 should be reached soon.
пЃ® Traders' sentiment
Traders' sentiment remains bearish in GBP/USD market, as the portion of short positions still significantly exceeds the share of long positions held in the market, being 62.06% and 37.94%, respectively.
пЃ® Long position opened
Bullish investors should pay attention to the key resistance levels for intraday trading. R1 is situated at 1.5727, followed by R2 and R3 at 1.5829 and 1.5887 , accordingly.
пЃ® Short position opened
Major FX traders expect the price to test the initial support level at 1.5567. The breakout of this line will pave the way for the price to test S2 at 1.5509 and S3 at 1.5407.
© Dukascopy Bank