Dukascopy - Analytics

    Dukascopy

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    GBP/USD likely to rise

    © Dukascopy Bank SA
    "Although the dollar slipped on dovish Fed minutes, the market is coming to think that the minutes are a bit stale because they don't reflect the strong (January) payrolls data."
    - Sumitomo Mitsui Trust Bank (based on Reuters)

    Pair's Outlook
    The Pound has entered a bearish channel after climbing yesterday a bit before and after the midnight. The downward trend is reinforced by 20-day SMA from above, however, even though the technical indicators are showing bearish signals in the hourly time frame, the longer ones are strongly bullish, meaning that later today the pair is likely to regain momentum. The 55-day SMA underpins this forecast and is likely to serve as the support level for the rebound.

    Traders' Sentiment
    Market sentiment among SWFX participants remains in equilibrium between the bulls and bears. Nevertheless, the number of pending orders in the 100-pip range to acquire the Sterling added a few percentage points. Over the night their share went up from to 52%. 

    © Dukascopy Bank SA

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