Dukascopy - Analytics

Dukascopy

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Real

GBP/USD to bounce back after reaching 1.52

© Dukascopy Bank SA
© Dukascopy Bank SA
"Looking ahead, the direction of the USD remains data dependent. US Q1 GDP was not as bad as expected, though it was revised to -0.7% q/q SAAR from the initial estimate of 0.2%."
- ANZ (based on FX Street)

Pair's Outlook
The Cable extended the losses for the fifth day in a row at the end of last week. Even though the Sterling dropped down to 152.37, it still settled at 1.5290, as the Bollinger band pushed the British currency back. The fall, however, was not as sharp as in the beginning of the week, showing signs of a possible rebound in the near future. Right now a strong support cluster is located around 1.5190, which is likely to limit any losses today and, possibly, cause the Cable to regain momentum. Technical indicators are showing mixed signals in the daily timeframe, unable to confirm the bearish scenario.

Traders' Sentiment
The share of bulls added two more percentage points up to 49%, whereas the number of purchase orders decreased from 60 to 52%.

© Dukascopy Bank SA
© Dukascopy Bank SA


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