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"We think the BoE will do more quantitative easing in February and that will weigh on bullishness in sterling"
- RBS (based on Reuters)
Industry outlook
After a short-term weakness, GBP/USD currency couple has managed to form a base ahead of support at 1.5272. Additional support is provided by a key level located at 1.5145. Rallies are unlikely to be able to extend beyond 1.5408 and 1.5500.
Traders' sentiment
The amount of bulls continues to outnumber the amount of bears in GBP/USD market. 62% of traders anticipate the Cable to rise, while 38% of them consider the alternative scenario as more likely.
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 1.5372, 1.5414 and 1.5460.
Short position opened
Bearish traders will pay attention to the key support levels to close their deals. The forecast targets are 1.5284, 1.5238 and 1.5196.
© Dukascopy Bank