Dukascopy - Analytics


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    GBP/USD exits rising wedge

    © Dukascopy Bank SA
    "The pause in the dollar rally will likely extend for another month or two."
    - BMO Capital Markets (based on CNBC) 

    Pair's Outlook
    On Thursday, GBP/USD tested a cluster of resistances around 1.5560 and declined earlier than anticipated. The Sterling breached the lower trend-line of the wedge, which was bolstered by the weekly R1, thus leaving the boundaries of the pattern. The pair even went below the monthly R1, before encountering support around 1.5395. The daily technical indicators are mostly pointing north, meaning the Pound is likely to rebound by the end of the day, but will most likely settle in a tight range between 1.5395 and 1.5447 amid the US data releases later on Friday.

    Traders' Sentiment
    Market sentiment improved, now it is bullish with 52% of positions being long. The share of buy orders slid down to 33%. 

    © Dukascopy Bank SA

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