© Dukascopy Bank
- Bank of New York Mellon (based on Reuters)
Industry outlook
Even though the Cable might attempt to stabilise near 1.5345 and star recovering from there, the rally is expected to be short-lived. The initial resistance and support level may be found at 1.5671 and 1.5363.
Traders' sentiment
Yet again forex market participants have severely altered their stance toward GBP/USD currency pair. Their sentiment turned bullish, since the largest part of all the positions (57.89%) is composed of longs, while the rest (42.11%) are shorts.
Long position opened
Largest brokers set a new long position target as a break of 1.5508 is an encouraging bullish sign en route to 1.5592. If the uptrend remains, the third target for intraday trading will be 1.5658.
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 1.5292 or 1.5208.
© Dukascopy Bank