GBP/USD probes 1.65

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The Fed is undoubtedly looking to scale back bond purchases with the belief they're becoming less effective in improving jobs growth over time."
- Rivkin (based on MarketWatch)


Pair's Outlook

A hurdle represented by the 2011 highs, namely 1.65, stays intact despite numerous attempts of GBP/USD to breach it. Accordingly, there is a good chance that the Sterling will be unable to continue the advancement beyond this point, especially considering that it has been forming a rising wedge pattern for the past six months. However, it is also noteworthy that the currency pair is well-supported, by 1.6449/42 and 1.6322/1.6269.

Traders' Sentiment

SWFX market participants are beginning to doubt Pound's ability to move any higher—the portion of the bearish traders is growing, presently it amounts to 56%. As for the orders, the sell ones (55%) lost their undisputable dominance over the buy orders (45%).
© Dukascopy Bank SA

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