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GBP/USD heals wounds after Wednesday's slump

© Dukascopy Bank SA
"Overall, Yellen gave a fairly positive assessment of the economy that would be consistent with the Fed raising rates at their December meeting."
- BNP Paribas (based on Reuters)

Pair's Outlook
The fundamental data yesterday was in favour of the US Dollar yesterday, forcing the Cable to touch the 1.49 level. Even though trade closed above the intraday low, the target support was still breached. Today the Bollinger band and the weekly S1 are keeping the GBP/USD afloat, while the monthly S1 should hold heavier losses in case the immediate cluster fails. Technical studies shifted from bearish to mixed signals in the daily timeframe, indicating a possible rebound. The weekly S1 is the closest resistance, but the Pound has the potential to retake the 1.50 major level.

Traders' Sentiment
Bulls and bears broke out of the equilibrium, with 56% of positions now long. The share of sell orders increased again, from 56 to 66%.

© Dukascopy Bank SA


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