© Dukascopy Bank
"UK's key export markets struggle, with the euro zone staggering on without conclusive political action"
- Barclays Corporate (based on Reuters)
пЃ® Industry outlook
Recovery which commenced at 1.5415/06 may extend deeper, up to 1.5883/88, if the current bullish impetus is strong enough. Although the pair will have to overcome resistances at 1.5752 and 1.5872 first.
пЃ® Traders' sentiment
The tables have turned for GBP/USD and the Cable has turned bearish. 43.02% of positions held in the market are long, whereas the majority is composed of short positions which form 56.98% of the market.
пЃ® Long position opened
The initial resistance level for intraday trading is 1.5739. Bulls might establish additional targets at 1.5811 and 1.5889 if the British Pound appreciates even more.
пЃ® Short position opened
Largest investors might have placed their take profit orders at the key support levels. These levels for intraday trading are situated at 1.5589, 1.5511 and 1.5439.
© Dukascopy Bank