Dukascopy - Analytics

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GBP/USD to resume sliding down

© Dukascopy Bank SA
"The bullish RSI on intraday timeframe and a break above strong resistance of hourly 50-MA in the previous session, indicates the pair is more likely to extend the gains to 1.5417 today."
- Omkar Godbole (based on FX Street)

Pair's Outlook
The strong support cluster around 1.52 managed to not just turn the Greenback around, but even give a solid nudge. As a result, Cable surprised with its performance on Tuesday, as pair erased Monday's losses and went over the 1.53 area. However, technical studies are showing bearish signs today, suggesting the correction will not last, and GBP/USD will maintain the bearish trend. A major resistance cluster rests around 1.5390, which is expected to either limit the possible rally, but most likely push the Cable back down to 1.53.

Traders' Sentiment
Market sentiment improved again, as 59% of all positions are now long (previously 53%). The number of buy commands also increased, from 57 to 77%.

© Dukascopy Bank SA


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