GBP/USD poised for gains

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Sterling looks likely to continue to grind higher against the dollar, even if the dollar looks a little oversold. People will be continuing to talk about a break or a test of $1.65 in the short term, even though we've only just broken through $1.64."
- Canadian Imperial Bank of Commerce (based on Bloomberg)

Pair's Outlook

Considering that GBP/USD has just overcome a series of important resistances, further appreciation of the Sterling is expected. Once the monthly R1 at 1.6554 is also breached, the currency pair will open up a path towards the 2011 high at 1.6745, but we should be wary of a possibility of a pullback down to the merger of the falling support line and the monthly pivot point at 1.6206/04.

Traders' Sentiment

Along with the Swiss Franc the Pound is one of the most infrequently purchased currencies—only in 26% of trades. Accordingly, the number of long positions in GBP/USD is notably smaller than the amount of bears, who currently take up as much as 71% of the market.
© Dukascopy Bank SA
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Actual Topics

Wed, 11 Dec 2013 07:54:20 GMT

USD/JPY steps back

USD/JPY failed to surpass the local peak (Dec 3) yesterday and as a result slipped down the weekly PP.

Wed, 11 Dec 2013 07:54:05 GMT

EUR/USD probing major down-trend

EUR/USD continues to move north and is about to challenge the long-term down-trend resistance line that secures bearish on the currency pair outlook.

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