© Dukascopy Bank SA
- Mizuho Corporate Bank Ltd. (based on Bloomberg)
Industry outlook
GBP/USD has bounced off the recent high at 1.5992 without even hitting a psychological level at 1.6000 (the market has not traded above this level since 2008). The pair is likely to slide back to 1.5570 (22nd March 2012 low).
Traders' sentiment
The shares of short positions and long positions on GBP/USD has remained pretty much unchanged since yesterday (71.48%/52% act.) as investors stay bearish on the currency pair.
Long position opened
The immediate resistance level for GBP/USD is expected to be faced by market players at 1.5954. R2 at 1.6020 and R3 at 1.6077 are the next resistance levels that are likely to be tested if the bullish stance holds.
Short position opened
The largest market participants might close their positions around the 1.5831 line. If such scenario takes place, S2 at 1.5774 and S3 at 1.5708 might be targeted next targets if the bearish momentum persists today.
© Dukascopy Bank SA