GBP/USD slips to the 55-day SMA

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Today's moves are still reflective of what happened last week after the weak services PMI, which has kept sterling under pressure."
- Caxton FX (based on Reuters)


Pair's Outlook
The Cable has sharply depreciated yesterday, reaching an interception point of the 55-day and 100-day SMAs at 1.6075. The price showed a lack of bullish impetus by trying to breach the 20-day SMA last week, thus the pair reversed and slipped back to retest the 55-day SMA. If the Cable settles beneath the SMA, it is very likely to experience a further price's depreciation. The next support level in this scenario would be a 1.6000 level, the lower Bollinger band.

Traders' Sentiment
SWFX market participants do not do any changes in their positions and enjoy a down-side movement, since the majority of traders have short positions, 63%, and 37% of investors have longs. Pending orders market is bullish, as 61% of orders are buy and 39% are sell.

© Dukascopy Bank SA

Actual Topics

Subscribe to "Fundamental Analysis" feed

Souscrire
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.