© Dukascopy Bank SA
"We argue that the dollar's role may reflect instead the share of global output produced in countries with relatively stable dollar exchange rates – the 'dollar zone'."
- Bank for International Settlements (based on CNBC)
Pair's Outlook
The strength of the upper trend-line and the major level at 1.57 dragged the pair below the 1.56 mark for the first time this year. Shortly the Pound/Dollar cross will face the weekly and monthly S1 at 1.5518/1.5484. The technical indicators remain mixed, thereby not helping to evaluate the next movements. Nonetheless, the pair remains bearish for now.
Traders' Sentiment
The SWFX traders are getting less and less convinced that the Pound is going to gain relative to the U.S. Dollar; but overall the bulls are still in a slight majority, as they take up 55% of the market, and this is a advantage over the bears (45%). In the meantime, the share of sell orders grew from 66% up to 67%.
© Dukascopy Bank SA