© Dukascopy Bank
"In the near-term, pound-dollar may be heading back towards $1.60. There will be more focus on U.S. performance in the second half of the year"
- Danske Bank A/S (based on Bloomberg)
Industry outlook
The Cable is currently consolidating before it recommences its advancement towards a long term target located at 1.6425. In the near future, however, GBP/USD may dip down to 1.6050 or even 1.5970 prior to bullish move.
Traders' sentiment
Traders' sentiment on GBP/USD remains unchanged and in favour of short trades. Thus the ratio of bulls to bears is 36% to 64%
Long position opened
Investors should pay attention to the identified with the help of the standard pivot point method resistance zones, as they might be useful during intraday trading. The initial resistance level is at the level of 1.6196, whereas R2 and R3 are situated at 1.6234 and 1.6270, accordingly.
Short position opened
Bearish traders will pay attention to the key support levels in order to close their deals. The primary forecast target is 1.6122. If the pair erodes this level, then it might rebound from S2 of 1.6086 or S3 of 1.6048.
© Dukascopy Bank