© Dukascopy Bank
- BTM-UFJ (based on Reuters)
Industry outlook
After stalling ahead of 1.5927 the Cable is now expected to commence moving towards supports. The initial goal lies at 1.5760/45, whereas subsequent levels should be encountered at 1.5643/1.5599.
Traders' sentiment
According to SWFX sentiment index GBP/USD is now overbought to a larger extent, as the portion of short positions has expanded to 73% of the market.
Long position opened
The initial resistance level for the pair is 1.5924. If the price continues increasing, the investors will hold longs until the pair climbs up to 1.5976 or 1.6030.
Short position opened
Bearish traders will pay attention to the key support levels to close their deals. The forecast targets are 1.5818, 1.5764 and 1.5712.
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