Dukascopy - Analytics

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GBP/USD struggles to rise above 1.59

© Dukascopy Bank SA
"With real average earnings and the labour market tightening in the UK, the outlook for private consumption growth remains encouraging."
- ANZ (based on WBP Online)

Pair's Outlook
The Cable experienced some volatility yesterday, but closed the trade edging higher. The Bollinger band from below cause the GBP/USD to gain an additional 30 pips, despite bearish expectations. The 1.59 psychological level is likely to limit further gains today, while technical studies keep showing mixed signs. Moreover, the pair might finally be pushed slightly back and decline towards 1.5838, where the weekly R2 lies, or even back to 1.58 major level. 

Traders' Sentiment
For the fourth consecutive day the share of longs decreased by one percentage point, as only 51% of traders hold long positions today. The number of orders to acquire the Sterling edged up from 59 to 61%.

© Dukascopy Bank SA


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