© Dukascopy
"The truth is that [UK] banks can strengthen their balance sheets without harming the economy"
- Robert Jenkins (based on WSJ)
Industry outlook
While resistances at 1.5785, 1.5872 and 1.5888/90 prevent the pair from moving upwards, the outlook is bearish, with the possibility of GBP/USD plummeting down through 1.5463 and 1.5272 to 1.5050.
Traders' sentiment
GBP/USD is presently 59.59% bullish and only 40.41% bearish, signifying that the currency pair is rather overbought and the British Pound might lose its value relative to the American Dollar.
Long position opened
The initial resistance level for intraday trading is 1.5696. Bulls might establish additional targets at 1.5748 and 1.5857 if the Sterling appreciates even more.
Short position opened
Bearish market players will pay attention to a near-term support at 1.5587. The downtrend continuation will establish following targets for traders: S2 at 1.5530 and S3 at 1.5421.
© Dukascopy