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"We used the current rebound to re-initiate GBP/USD shorts at $1.5570. The UK remains heavily levered to a slowing euro zone, and economic data remain mixed"
- Morgan Stanley (based on Reuters)
Industry outlook
Resistance levels located at 1.5597 (55 day ma) and at 1.5643 should halt the Cable and send the pair down to 1.5272. Subsequent support is at 1.5156, in case it is breached, GBP/USD will fall down to 1.4260/29.
Traders' sentiment
Even more traders have decided to open short positions on GBP/USD, expecting the British Pound to lose in value comparative to the American Dollar. Presently 28% of trades are long and 72% of them are short.
Long position opened
Leading market participants, who have entered GBP/USD market with a buy trade, are expecting to close their positions at the key resistances at 1.5607, 1.5647 and 1.5692.
Short position opened
Bearish traders will pay attention to the key support levels to close their deals. The forecast targets are 1.5522, 1.5477 and 1.5437.
© Dukascopy Bank