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GBP/USD puts 1.47 to the test

© Dukascopy Bank SA
"I can't see a way round the tightening US labour market and steady growth delivering more monetary divergence, enough to keep the dollar strongish."
- Kit Juckes, Societe Generale SA (based on Bloomberg)

Pair's Outlook
On the last day on 2015 the Cable suffered a rather serious 80-pip decline, with the immediate support failing to hold those losses. Today the pair is under the risk of falling under the psychological level of 1.47, but with the Bollinger band and the weekly S1 providing support around 1.4670. At the same time, the nearest resistance is represented by the weekly PP at 1.4802, whereas the technical studies are unable to confirm either scenario with their mixed signals. A breach of the immediate support is also likely to set GBP/USD on a slippery slope towards the 2015 low of 1.4565.

Traders' Sentiment
For the fourth time in a row bullish market sentiment remains at 65%, while sell orders are outnumbering the buy ones by 2% points.

© Dukascopy Bank SA


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