Dukascopy - Analytics


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    GBP/USD retains bullish momentum

    © Dukascopy Bank SA
    "Pound "can squeeze a little higher to the $1.5500 area, but that probably looks a sell given our bullish dollar view."
    - ING (based on Reuters)

    Pair's Outlook
    Regardless of the unfavourable technical indicators, GBP/USD keeps moving north. Immediate resistance is at 1.5447, represented by the monthly R1 level, but the main nearby supply zone is between 1.56 and 1.55, considering behaviour of the pair in November and December. However, if the latter area is broken, the rally will be in a good position to extend to 1.5850, where the monthly R2 merges with the minimum seen in Q4 of 2013.

    Traders' Sentiment
    SWFX market participants remain equally divided between the bulls and bears. Meanwhile, there is a growing percentage of commands to sell the Sterling. Over the weekend their share went up from 54 to 64%.

    © Dukascopy Bank SA

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