© Dukascopy Bank
- Citi (based on Reuters)
Industry outlook
The Cable had tumbled before it managed to test 1.6000 and is now targeting a support level at 1.5821, which guards 1.5599 and 1.5412. Apart from 1.6000, resistances are at 1.6037, 1.6062 and 1.6092.
Traders' sentiment
GBP/USD is oversold to a considerable extent, being that bearish trades constitute the overwhelming majority of positions, namely 72%.
Long position opened
While trading this pair, investors should pay attention to the immediate resistance level at 1.5930. If the pair manages to go through this level, further resistances are situated at 1.6014 and 1.6059.
Short position opened
Bearish traders will pay attention to the key support levels in order to close their deals. The primary forecast target is 1.5801. If the pair erodes this level, then it might rebound from S2 of 1.5756 or S3 of 1.5672.
© Dukascopy Bank