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GBP/USD ends bullish trend

© Dukascopy Bank SA
"The general theme is one in which you see the U.S. as your top performing economy and the one closest to normalizing policy, most able to create inflation, but then the UK is not miles behind."
- Barclays (based on WBP Online)

Pair's Outlook
After experiencing some volatility, the Cable managed to edge higher for the fifth consecutive day last week, rather than falling down. The weekly R2 at 1.5562 limited the gains, but as the pair gets closer to 1.56 psychological level, risks of the tide turning grow. The 1.56 level is also bolstered by the Bollinger band, making it a solid resistance, while the weekly PP supports the Sterling from below at 1.5461. Technical studies retain bearish signal, suggesting the Pound is to undergo a correction today.

Traders' Sentiment
Although not as strong as on Friday, but market sentiment remains bullish at 57%. Sell orders reclaimed the majority of the market, taking up 51%.

© Dukascopy Bank SA


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