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"A further expansion of the asset purchase program may become warranted in due course"
- BoE Minutes (based on WSJ)
пЃ® Industry outlook
Resistance level at 1.5752 (55 day ma) has halted recovery of the Cable, increasing the possibility of the pair coming back to an uptrend at 1.5443/29. Subsequent supports lie at 1.5347 and 1.5347.
пЃ® Traders' sentiment
GBP/USD currency couple continues being oversold, thus increasing the possibility of a soon recovery of the price once short positions are closed. At the moment 36.77% of traders stays bullish on the pair, while 63.23% keep on holding shorts.
пЃ® Long position opened
Largest brokers set a new long position target as a break of 1.5750 may become an encouraging bullish sign en route to 1.5825. If the uptrend remains, the third target for intraday trading will be 1.5877.
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 1.5623. If the price continues the downtrend, the dealers might wait for the price to depreciate down to 1.5571 or 1.5496.
© Dukascopy Bank