© Dukascopy Bank SA
A sharp jump in the value of the Sterling has inevitably resulted in the eventual correction of its pair with the US Dollar, which is taking place at the moment. The cross seems to be following two trend-lines at the moment. The lower one, at 1.5353, is expected to encourage bulls for some gains in the nearest future. According to the weekly technical indicators, the Pound will resume rallying and will advance in the long run. Moreover, 57% of SWFX market participants support the positive scenario. Despite that, the pair is not insured against losses. In case GBP/USD falls below the pattern's lower edge, it will set eyes on monthly S1 at 1.5279, followed by weekly S2 some 14 pips from below.
© Dukascopy Bank SA