Dukascopy - Analytics

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    GBP/USD slightly bounced back after gains

    © Dukascopy Bank SA
    "The economists believe that the Fed will raise rates because they're looking at the economic data and they don't look at the markets."
    - Rhino Trading Partners (based on CNBC)

    Pair's Outlook
    Despite slightly bullish technical indicators, GBP/USD keeps is on moving downwards. The Cable has breached the 20-day SMA and kept falling for the last three days. The closest support now is represented by a cluster of important levels, in face of the weekly PP level, 100-day SMA and the lower border of the 20-day SMA. Hence, GBP/USD cross is likely to rebound at those supports and rise at least up to the nearest resistance at 1.5385.  

    Traders' Sentiment
    SWFX market participants remain equally divided between the bulls and bears. Meanwhile, there is a growing percentage of commands to buy the Sterling. Over the night their share went up from 36 to 62%, indicating growing supply. 

    © Dukascopy Bank SA

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