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"We are still looking for cable to drop towards $1.54 in the coming week. Markets are looking at excuses to buy into risk-related currencies but economic fundamentals and the flows suggest that the dollar will be supported"
- Caxton FX (based on Reuters)
Pair's Outlook
Yesterday the Cable effortlessly pierced through several resistances, but faltered ahead of the major area at 1.5715/27, which has again proved to be impenetrable. Above it lie levels at 1.5765 and 1.5841, though they seem to be safe for now. An interim support at 1.5620 may be soon tested as a result of a likely pullback following a sharp rally.
Traders' Sentiment
SWFX traders' sentiment is neutral towards GBP/USD, being that the portions of bullish and bearish traders are almost equal, being 51% and 49% of the market, accordingly. The similar indecisive stance of market participants is observed with respect to orders placed on the pair, since 46% of them are to buy the Sterling and 54% are to sell it against the greenback.
© Dukascopy Bank SA