Dukascopy - Analytics

    Dukascopy

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    GBP/USD rallies further

    © Dukascopy Bank SA
    "With the first tier data behind us, GBP may be relatively sidelined and take greater cues from the USD."
    - Citigroup Inc. (based on CNBC)

    Pair's Outlook
    Sterling's performance exceeded expectations yesterday, as the GBP/USD currency pair edged closer to the weekly R2 level. However, the cross appears to be trading in a rising wedge and is closing in on its peak. Hence, the Pound is likely to cross the lower support trend-line of the pattern, possibly on Friday, as the pair approaches a cluster around 1.560. The market sentiment, which was deteriorating during the week, strengthens this views.

    Traders' Sentiment
    As mentioned above, the number of bears is increasing, with today's short positions standing at 46%. Moreover, the number of orders to acquire the Pound in the 100-pip range also remains low, as only 45% are set to purchase the Sterling.
    © Dukascopy Bank SA

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