GBP/USD probes 1.6237

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"We see any dip in the pound as an opportunity to buy."
- Bank of Tokyo-Mitsubishi UFJ Ltd. (based on Bloomberg)


Pair's Outlook

Although we consider 1.6237 to be a major resistance level, being formed by the monthly R1, long-term down-trend and the local peaks, the Cable continues to approach the January high. Still, GBP/USD is expected to falter ahead of 1.6390 eventually. The nearest important support is at 1.6114/1.6066, where the monthly pivot point merges with the 55-day SMA.

Traders' Sentiment

Along with the Swiss Franc, the British Pound is one of the least preferred currencies in the SWFX marketplace. Only 29% of positions in Sterling crosses imply its appreciation. Exactly the same situation is observed in GBP/USD, where 28% of positions are long and 72% are short.
© Dukascopy Bank SA

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