GBP/USD headed towards up-trend support

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The initial take away from FX markets is that there isn't going to be an acceleration of the timing of the tightening cycle [by the BOE]."
- HSBC (based on MarketWatch)

Pair's Outlook

None of the nearest supports were able to negate the bearish momentum yesterday. Consequently, we are now left only with 1.6736/26 (55-day SMA and up-trend line) that may prevent further sell-off and thus keep GBP/USD within the boundaries of the bullish channel. Otherwise the Sterling will be expected to depreciate even more. The initial target will then be the 100-day SMA and monthly S1 at 1.6660/31.

Traders' Sentiment

Contrary to the continuation of the recent trend, namely increase in the portion of longs, the sentiment with respect to GBP/USD worsened instead. The percentage of short positions opened gained from 62% to 66%.
© Dukascopy Bank SA
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