© Dukascopy Bank
"There's been a run of bad news and the market has tended to take a relatively pessimistic slant. So you actually need some positive news to change that perspective"
- Wells Fargo (based on WSJ)
Industry outlook
GBP/USD did not wander far away from 1.5822 (55 day ma) and is soon likely to commence falling and, as a result, challenge 1.5794. Below the latter level the Cable will be aiming for 1.5599 and 1.5412.
Traders' sentiment
The ratio between the bulls and bears on GBP/USD has not been changed since the last report, being 33 to 67 per cent, respectively.
Long position opened
FX market participants have put their take profit orders at the key resistance points of intraday trading. Some of the investors might close their deals at 1.5925 and 1.5988. The weakest level is at 1.6047.
Short position opened
Key support for GBP/USD intraday trading is situated at 1.5803. In case S1 is penetrated, traders with short positions are likely put their T/P orders at 1.5744 and 1.5681.
© Dukascopy Bank