© Dukascopy
"We expect the Bank of England to increase its asset-purchase target by 50 billion pounds in January 2012"
- Danske Bank A/S (based on Bloomberg)
Industry outlook
The cable carries on declining and aims for 1.5463 at the moment. As soon as the latter level is breached, consecutive supports at 1.5272 and 1.5050 may fall victims to the bearish impetus within a longer time period.
Traders' sentiment
GBP/USD currency pair is presently overbought, as it is 62.44% bullish and 37.56% bearish, mainly because the British Pound is the most popular currency at the moment among its major counterparts.
Long position opened
Leading market participants, who have entered GBP/USD market with a buy trade, are expecting to close their positions at the key resistances at 1.5618, 1.5717 and 1.5877.
Short position opened
Bearish traders will pay attention to the key support levels to close their deals. The forecast targets are 1.5458, 1.5396 and 1.5235.
© Dukascopy