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GBP/USD attempts to pierce 1.5670 once again

© Dukascopy Bank SA
"Further upside surprises in core inflation prints (in particular services inflation) are likely to make the hawkish [MPC] members more comfortable in pulling the trigger for voting for a hike."
- Credit Suisse (based on CNBC)

Pair's Outlook
The Cable managed to rebound from the monthly PP, rather than the support trend-line. As a result, the GBP/USD currency pair skyrocketed towards the weekly R1 at 1.5719, but stabilised in front of the third resistance area, namely the upper Bollinger band. Today's results largely depend on the US inflation data, which could push the Sterling above 1.57 if expectations are not met. Contrariwise, in case the data surprise, the British Pound could fall back under 1.56, where the second support area is located.

Traders' Sentiment
Market sentiment remains unchanged, with 51% of traders holding long positions. At the same time, the number of purchase orders edged slightly higher, from 53 to 55%.

© Dukascopy Bank SA

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