GBP/USD loses its upside momentum

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Analysts said the poor UK economic outlook might revive prospects of more monetary easing by the Bank of England and increase the risk of a credit agency cutting the UK's top-notch rating, both of which would be negative for sterling"
- Reuters

Pair's Outlook
This week GBP/USD pair is very stable, as the price tried to breach the weekly R2 at 1.6115, but still consolidates below it. Seems that the currency pair lost its momentum and gradually declines. This movement can receive support if long positions are closed and profits are taken, being a likely scenario given current conditions. In case this happens, the chance of seeing the price in a 1.6015/1.6003 area will be increased There the monthly and weekly PPs intersect with the 55-day and 100-day SMAs.

Traders' Sentiment
GBP/USD pair experiences a significant extension of bullish sentiments, as 76% are short positions and only 24% are long positions. Pending orders market faces neutral sentiments for a further pair's direction, since 49% of orders are buy and 51% are sell.

© Dukascopy Bank SA
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