GBP/USD continues a bearish move

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"This year, there has been a clear focus on protecting margins - there has been less knee- jerk discounting. Also, consumers are continuing to feel the pinch of hard economic conditions and are being much more careful about when and where they spend their money"
- BDO representative (based on Bloomberg)

Pair's Outlook
After GBP/USD consolidated during Friday's session just before the monthly S1 level at 1.6060, today the price continues its journey south. The cable moves along the lower Bollinger band and breaches the 55-day SMA at 1.6056 level. If the price settles beneath it, it is very likely to see a continuation of a bearish trend. The closest support levels are at 1.5923, the weekly S1, and at 1.5879/72, where the monthly S2 intersects with the 200-day SMA.

Traders' Sentiment
Distribution of the cable's traders remains unchanged, since 33% of positions are buy and 67% are sell. Pending orders segment is bullish, as 59% of orders are buy and 41% are sell.

© Dukascopy Bank SA
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Mon, 07 Jan 2013 09:07:54 GMT

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