© Dukascopy Bank SA
- Bank of Tokyo Mitsubishi-UFJ Ltd. (based on Bloomberg)
Pair's Outlook
The January high manages to keep the rate away from lower supports, such as the one at 1.6336/19, formed by the weekly and monthly S1 levels. But at the same time it fails to commence a recovery. If GBP/USD does not climb over the resistance at 1.6469/49 in the nearest future, we would rather focus on the 55 and 100-day SMAs instead of 2011 high at 1.6752/45.
Traders' Sentiment
The British Pound carries on gaining popularity, albeit slowly,—the portion of long on GBP/USD positions added a percentage point and now amounts to 53%. The distribution between the buy and sell orders is much less stable—the share of the former plunged from 63% to 46%.
© Dukascopy Bank SA