© Dukascopy Bank
"The weaker export performance reflects ongoing instability in the euro area, our [UK] biggest export market"
- CBI (based on WSJ)
пЃ® Industry outlook
Since a support located at 1.5415 has managed to repel GBP/USD's attack, the pair is likely to recover for now. To maintain its upward direction the price will have to overcome resistance at 1.5746. Dips are not expected to wander far below 1.5415.
пЃ® Traders' sentiment
The Cable is bearish at the moment, as the major part of positions held in GBP/USD market has opened short trades. 39.98% of traders who expect the Pound to appreciate are outnumbered by supporters of the American Dollar.
пЃ® Long position opened
The initial resistance level for intraday trading is 1.5548. Bulls might establish additional targets at 1.5587 and 1.5644 if the Sterling 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 1.5452, 1.5395 and 1.5356.
© Dukascopy Bank