© Dukascopy Bank
"Sterling has got some non-euro safe haven status and is benefitting from lazy dollar longs being squeezed by a slightly more benign global risk outlook"
- Societe Generale (based on Bloomberg)
пЃ® Industry outlook
GBP/USD's bullish impetus is to stay for a while. The pair is thus expected to surge up to 1.5748 (55 day ma) or even 1.5852. The bias will turn negative only provided that a key support situated at 1.5426 is violated.
пЃ® Traders' sentiment
SWFX Sentiment Index has become even more bearish since yesterday's report. In GBP/USD market merely 33.43% of positions are long, whereas shorts dominate the market with 66.57% of all the trades opened.
пЃ® Long position opened
Leading market participants, who have entered GBP/USD market with a buy trade, are expecting to close their positions at the key resistances at 1.5742, 1.5823 and 1.5947.
пЃ® Short position opened
Bearish traders will pay attention to the key support levels to close their deals. The forecast targets are 1.5537, 1.5413 and 1.5332.
© Dukascopy Bank