Dukascopy - Analytics

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    GBP/USD targets 1.4930

    © Dukascopy Bank SA
    "People have been long dollar, and we're seeing some profit-taking."
    - Chapdelaine & Co. (based on Bloomberg)

    Pair's Outlook

    GBP/USD is currently trading in the middle of a short-term bearish channel and is moving towards the lower boundary of the pattern at 1.4930. The currency pair may have some trouble with the support at 1.50, as it was the case the last two weeks, but the overall downward momentum should nonetheless remain intact. In the longer term the Pound is expected to slide even deeper, down to the 2013 low at 1.48, while the immediate ceiling is seen at 1.52.

    Traders' Sentiment

    Cheaper Sterling is attracting more bulls, their share slightly but inched from 56 to 57%. As for the orders, the percentage of buy ones surged from 46 up to 59%, also signifying that the demand is growing.


    © Dukascopy Bank SA

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