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"Cheaper food and petrol prices are a boon for consumers that should help keep their confidence healthy and return some of the sparkle to U.K. growth next year."
- Berenberg Bank (based on Bloomberg)
Pair's Outlook
GBP/USD rose in value during last 24 hours; however, the pair refused to breach a resistance at 1.5733 and returned back below the 1.57 major level. It seems that a significant bearish pressure continues to weigh on pair's performance. Therefore, we forecast the Sterling to decline further in the medium-term, but today it will most probably stay above the monthly S2 at 1.5662. This scenario is supported by technical studies on daily and weekly charts.
Traders' Sentiment
Distribution between bullish and bearish opened positions stays the same for a fourth day in a row at 56% and 44%, respectively. Alongside, pending orders experienced no major changes either, as ones in 100-pip range from the spot are neutral right now.
© Dukascopy Bank SA