GBP/USD grinds lower

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Largely the market has been very long sterling and perhaps with some of the events that have happened over the past 24 hours, traders have taken some profits on those positions and have scaled back on some of the risk."
- JPMorgan (based on Reuters)


Pair's Outlook

There are less and less arguments in favour of a rally. First, the currency pair has been failing to make any meaningful progress for the last three weeks. Second, there is a decreasing number of technical indicators supporting appreciation of the Sterling. Nevertheless, there still are a lot of supports capable of preventing development of the current dip. The closest one is formed by the 2009 high at 1.7042, followed by the monthly PP and 55-day SMA.

Traders' Sentiment

The SWFX traders remain strongly convinced that the Great Britain Pound is overvalued relative to the U.S. Dollar, as evidenced by a large share of short positions opened in the market—72% of the total amount.
© Dukascopy Bank SA

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