GBP/USD to trade sideways

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The market will probably sell into a rally ahead of $1.57 because of the inflation report on Wednesday"
- CIBC (based on Reuters)

Pair's Outlook

The cable received strong bullish impetus from a 55 day SMA at 1.5590, ahead of an uptrend support at 1.5540/17. However, the currency pair was unable to close above 1.5608/24 and should stay calm for now. In case GBP/USD commences robust recovery, it will encounter a formidable resistance at 1.5731/73, which has remained intact for more than two months.

Traders' Sentiment
The portion of bullish traders has fallen down to 49%, whereas bears currently form a majority - 51%, signifying emerging negative sentiment towards the cable. Additionally, the share of sell orders (52%) also exceeds the share of buy orders (48%), however, the advantage is yet insufficient to make any inferences.

© Dukascopy Bank SA
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Actual Topics

Wed, 08 Aug 2012 07:18:46 GMT

USD/JPY bounced off 78.71

USD/JPY has effortlessly pierced through 78.43/42, but failed to penetrate 78.71 and the price is currently drifting lower. The pair is expected to make another attempt to erode the nearest resistance and get closer to a key level at 79.49/50, overcoming which would imply medium-term bullish behaviour, though additional resistances at 78.92/79.11 and 79.29 will have to be breached.

Wed, 08 Aug 2012 07:02:49 GMT

EUR/USD's outlook is from neutral to bearish

EUR/USD continues to consolidate just below a 55 day SMA at 1.2406, but is nevertheless unlikely to overcome it and then resume advancement towards a key resistance at 1.2618/44, being that most of indicators on a weekly timeframe give "sell" signals. An interim support lies at 1.2337/34, followed by 1.2264/26 and 1.2060/1.1996.

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