© Dukascopy Bank
"The outlook for sterling depends on the economy - it could take a long time for recovery to take root, and sterling probably will only rally when there are signs that's happening"
- Societe Generale (based on Reuters)
Industry outlook
GBP/USD has low chances of eroding 1.5927/92 and thus will be headed towards 1.5760/45, which guards lower levels at 1.5643 and 1.5599. In the long-run (within three months from now) the pair is targeting 1.5235.
Traders' sentiment
There has been no change in traders' sentiment towards GBP/USD. Shorts still form 73% of the market, while longs compose only 27% of it.
Long position opened
The price might rebound from the first resistance level at 1.5883, so major dealers are planning to close some of their long positions near this level. Subsequent goals for bulls are 1.5948 and 1.6004.
Short position opened
Largest investors might have placed their take profit orders at the key support levels. These levels for intraday trading are situated at 1.5762, 1.5706 and 1.5641.
© Dukascopy Bank