GBP/USD extend bearish correction

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"We're not calling for a big push past $1.70 at the moment. The market has lost momentum again and it may depend on the dollar weakening further (to push sterling higher)."
- BNP Paribas (based on Reuters)

Pair's Outlook

GBP/USD remains bearish after hitting 2009's peak, even though the technical indicators are mostly pointing upwards at the moment. The Cable may find support at 1.6858/48, which is created by the weekly PP and 20-day SMA. However, should the downward momentum remain intact, another demand area from which the pair could try to rebound consists of the monthly PP and weekly S1 and is located at 1.6797/76.

Traders' Sentiment

There is still a significant advantage of short positions over the long ones, as the former take up 69% of the whole market. In the meantime, the number of buy orders is rapidly increasing. Their share soared from 59% to 71% 50 pips from the spot.
© Dukascopy Bank SA
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Actual Topics

Fri, 09 May 2014 06:47:41 GMT

USD/JPY consolidates at 101.62

While the 200-day SMA is still not letting USD/JPY to step any lower, it is also failing to rekindle interest of the market in the pair.

Fri, 09 May 2014 06:47:25 GMT

EUR/USD bounced off 1.3958

Soon after touching upon the up-trend resistance and monthly R1 at 1.3958 EUR/USD came under strong selling pressure, which returned the currency pair back below 1.39.

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