Dukascopy - Analytics

    Dukascopy

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    GBP/USD violates a major down-trend

    © Dukascopy Bank SA
    "UK housing demand should continue to be helped by an expanding economy, low mortgage rates, and lower inflation. That is putting a bid for sterling/dollar."
    - a spot currency trader in London (based on Reuters)

    Pair's Outlook
    Neither the four-week down-trend at 1.52 nor the seven-month down-trend at 1.53 were able to halt the Cable. Considering that these major resistances are no longer topical, the Sterling has a lot of room to appreciate. The closest significant supply area is at 1.5450/00, but the rally has the means to extend further north. Additional targets are the 100-day SMA at 1.5680 and the 2013 Q4 low at 1.5850.

    Traders' Sentiment
    While the gap between the bullish (46%) and bearish (54%) market participants keeps growing, more SWFX traders in the radius of 100 pips from the spot are willing to purchase the Pound. Their share went up from 46 to 58%.

    © Dukascopy Bank SA

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