Dukascopy - Analytics

    Dukascopy

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    GBP/USD to be sold off from 1.5030

    © Dukascopy Bank SA
    "Even though economic data in UK points to growth, investors are wary because there is political uncertainty on the horizon."
    - IronFX Global Limited (based on Reuters)

    Pair's Outlook
    GBP/USD has established a new accelerated down-trend, which has been guiding the pair south since Jan 28, and it is likely to stay intact until the price falls down to the falling support line at 1.4930/20. For the time being the near-term technical studies support this view; however, the longer-term indicators are mixed, and the demand at 1.50 proves to be significant. Nonetheless, eventually the rate is expected to descend down to the 2013 low at 1.48.

    Traders' Sentiment
    The SWFX market is no longer net long the British Pound, the percentage of bulls contracted from 57 to 50%. A similar change was recorded among the nearby pending orders, as the share of buy commands dropped from 59 to 49%.

    © Dukascopy Bank SA

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