© Dukascopy Bank
"The BoE will move towards QE soon, and as the market prices in the increased probability of this Cable will suffer"
- Barclays Capital (based on Reuters)
пЃ® Industry outlook
A break below 1.5400 is a negative sign for the Cable, even though it is presently recovering from its recent low at 1.5355/65. To confirm a long-term recovery it should re-establish 1.5400 as a key level.
пЃ® Traders' sentiment
The share of long positions on GBP/USD pair is gradually increasing. It has already reached 55.47% of the total number of trades, while bearish ones take the secondary position and compose 44.53% of the open positions.
пЃ® Long position opened
Largest brokers set a new long position target as a break of 1.5472 is an encouraging bullish sign en route to 1.5530. If the uptrend remains, the third target for intraday trading will be 1.5586.
пЃ® Short position opened
Major market participants with short positions will hold their deals until the price slides down to the initial support level at 1.5358. If the price continues the downtrend, the dealers might wait for the Sterling to depreciate down to 1.5302 or 1.5244.
© Dukascopy Bank