© Dukascopy Bank SA
- RICS (based on Bloomberg)
Pair's Outlook
The Cable breached the 55-day SMA easily at the end of the last week, indicating strong bullish sentiments in the pair. However, yesterday the pair was stopped by the major resistance line and the Bollinger band at 1.5346, which forced the price to undergo a correction to the 55-day SMA at 1.5241. In case GBP/USD remains in the upper part of the Bollinger band and above the 55-day SMA, the pair will hold a higher probability of further appreciation.
Traders' Sentiment
SWFX market participants enlarged the buy side by another 5%, as it increased to 59%. The spot market indicates strengthening expectations of the British Pound recovery. Pending orders segment is in an equilibrium, since both sides have the same share of the market.
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