© Dukascopy Bank
"The [BoE meeting] minutes were much more dovish, it seems likely the BoE will do more QE now"
- Danske Bank (based on Reuters)
Presently rally of the Cable, which commenced at 1.5645, is expected to prove to be short-lived. It is unlikely to extend above a formidable resistance area situated at 1.5765/1.5815. Additional supports are at 1.5617 and at 1.5580.
Traders' sentiment
Traders' sentiment has not been altered since the last report. The pair is still oversold, as short trades constitute 67% of the total amount of positions, while there are twice as less long positions - 33%.
Long position opened
While trading this pair, investors should pay attention to the immediate resistance level at 1.5775. If the pair manages to go through this level, further resistances are situated at 1.5810 and 1.5872.
Short position opened
Bearish traders will pay attention to the key support levels to close their deals. The forecast targets are 1.5678, 1.5616 and 1.5581.
© Dukascopy Bank