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GBP/USD to take another step towards down-trend

© Dukascopy Bank SA
"We think USD gains have further to run, but with the Fed also sensitive to headwinds created by currency strength, we think gains are likely to be limited in scope."
- BNP Paribas (based on Business Recorder)

Pair's Outlook
Yesterday the Cable managed to return above the 1.51 level, thus, stabilise above the September low. Although the British currency still has a lot of ground to cover between the spot price and the down-trend being retested, there are currently two clusters (around 1.5195 and 1.5340) that might prevent that from happening. The second group of levels is much stronger and is likely to be reached next week, when it will coincide with the resistance trend-line. Meanwhile, the GBP/USD is aiming for the 23.60% Fibo target, which is expected to be reached within the next two days.

Traders' Sentiment
The shares of both the sell orders and short positions increased, to 60% and 55% of the market, respectively.

© Dukascopy Bank SA


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