© Dukascopy Bank SA
- BK Asset Management (based on Reuters)
Pair's Outlook
Unlike EUR/USD, this currency pair did not close a day with a stronger U.S. Dollar. The support provided by the monthly and weekly pivot points within the range between 1.6066 and 1.6013 did not let the price to descend lower. However, at the same time the weekly technical indicators have become significantly less bullish on the weekly time-frame, meaning the rally is likely to come to an end in the nearest future.
Traders' Sentiment
The SWFX traders maintain their strongly bearish stance with respect to GBP/USD. Of all the open positions 63% are to benefit from the Pound's depreciation. As for the orders placed on GBP/USD, 64% are to purchase the Sterling and 36% are to sell it against the greenback.
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