Dukascopy - Analytics

Dukascopy

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Real

GBP/USD stays between 1.52 and 1.53

© Dukascopy Bank SA
"On cable (sterling/dollar) our models ... indicated at the end of January that it was undervalued. They now see fair value at around $1.5250."
- BNP Paribas (based on Reuters) 

Pair's Outlook 
GBP/USD confirmed resistance at 1.53 yesterday, implying the pair is likely to dive under support at 1.52 (weekly and monthly PP) in the coming days. If this is the case, the Sterling will be expected to keep falling until the currency reaches the recent lows of 1.50. The next stop in the bearish scenario will be the 2013 minimum at 1.48, which is reinforced by the monthly S1, followed by the monthly S2 at 1.4560.  

Traders' Sentiment 
The SWFX market does not exhibit preference neither to the Pound nor to the Greenback, as the amounts of long (52%) and short (48%) positions are nearly equal. A similar situation is observed with the pending orders, 48% are set to buy and 52% are to sell.
© Dukascopy Bank SA


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