GBP/USD retests downtrend line at 1.6031

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The picture for sterling is going to turn more negative. Sterling has been relatively well supported by safe-haven flows from Europe but these flows are slowing. That is going to expose sterling to its underlying fundamentals, which I don't think are positive"
- Morgan Stanley (based on Bloomberg)

Pair's Outlook
All last week GBP/USD pair was bounded by a downside trend line around the 1.6040 level and a few attempts to breach it were unsuccessful. Currently, the price moves up to retest the downtrend again and, if it is successful, the next resistances will be the weekly R1 at 1.6069 and than the upper Bollinger line at 1.6092.

Traders' Sentiment
Disproportion between the buy side and the sell side increases further, as today 32% of traders have buy positions and 68% have sell positions. Placed orders market also supports depreciation idea, as 43% of pending orders are buy and 57% are sell.

© Dukascopy Bank SA
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