© Dukascopy Bank
"As long as concerns remain about Greece sterling will remain supported"
- Lloyds (based on Reuters)
Industry outlook
GBP/USD has overcome its temporary feebleness and should attempt to violate resistances at 1.6298 and 1.6330, before challenging a key level at 1.6425. Bullish bias will be preserved as long as support at 1.5980 is intact.
Traders' sentiment
Majority of traders on the Cable favour bearish behaviour of the pair, being that 62% of them have opened short positions, while only 38% of them entered the market with a buy trade.
Long position opened
The break of the short-term resistance line 1.6170 would pave the way for the pair to rise up to 1.6212. The clearance of the second daily resistance level would establish a new target for traders at 1.6264.
Short position opened
The immediate support line is at 1.6076. Should the price step even lower, it will encounter subsequent levels at 1.6024 and 1.5982, where recovery might start.
© Dukascopy Bank