© Dukascopy Bank SA
- IG (based on Bloomberg)
Pair's Outlook
The support near 1.63, composed of the 2012 highs, 100-day SMA and the monthly S1, managed to withstand selling pressure that persisted throughout the previous week. GBP/USD retreated back to the 55-day SMA and may even rise up to the 2011 highs at 1.65, if the bullish tendency is preserved. Nevertheless, the log-term perspectives for the Sterling are considered to be bearish.
Traders' Sentiment
Although the rate has jumped nearly 100 pips on Friday, the gap between the long and short positions remains insignificant—47% of traders expect the Sterling to appreciate and 53% expect the currency to lose value. Concerning the orders, 59% of them are to sell the Pound.
© Dukascopy Bank SA