© Dukascopy Bank
"If we get a whole quarter with [UK] PMI around 54 then we can write off the risk of recession"
- Danske Bank (Reuters)
Industry outlook
After bouncing off a formidable resistance line at 1.6000 the Cable is now headed southwards. The initial target lies at 1.5765, followed by 1.5650/43. The long-term outlook is thus negative.
Traders' sentiment
The overwhelming majority of traders (73%) are staying short on GBP/USD currency couple, expecting the British Pound to depreciate relative to the American Dollar.
Long position opened
Largest brokers set a new long position target as a break of 1.5899 is an encouraging bullish sign en route to 1.5934. If the uptrend remains, the third target for intraday trading will be 1.5993.
Short position opened
Largest investors might have placed their take profit orders at the key support levels. These levels for intraday trading are situated at 1.5805, 1.5746 and 1.5711.
© Dukascopy Bank