GBP/USD poised for more gains

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"U.K. manufacturing continued to flourish in June, rounding off one of the best quarters for the sector over the past two decades."
- Markit (based on MarketWatch)

Pair's Outlook

The Great British Pound continues to strengthen after crossing the 2009 high, and the currency seems to be unlikely to stop until it reaches the edge of the bullish channel at 1.74. This is evidenced by a majority of the technical indicators giving 'buy' signals, though the advantage is not overwhelming. The immediate resistance is at 1.7182/72 (weekly R3 and Bollinger band), followed by the monthly R1 at 1.7248.

Traders' Sentiment

An overwhelming majority of the SWFX market participants consider the Sterling to be overvalued, namely 74% of them, and their number is increasing. As for the orders, the gap between the buy (45%) and sell (55%) ones is only marginal.
© Dukascopy Bank SA

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