Dukascopy - Analytics


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    GBP/USD sliding down

    © Dukascopy Bank SA
    "UK mid-sized businesses are truly the backbone of the British economy, supporting millions of jobs and making a vital contribution to economic performance."
    - HSBC (based on The Guardian) 

    Pair's Outlook
    Indeed, the GBP/USD pair declined over Monday, but not as much as expected. Still, the Sterling found support at 1.5347, where the 20-day SMA stands, rather than closing the day near the cluster around 1.5328. Nevertheless, the Pound settled at a two-year high and further gains are expected on Tuesday. Even though short-term indicators are bearish, any losses should not last, as the daily indicators are pointing north. However, it is doubtful the pair will manage to cross the weekly PP at 1.5438.

    Traders' Sentiment
    Bulls have grown stronger than bears, as 68% of all positions are long, whereas the portion of commands to acquire the British currency increased from 44% to 55%.

    © Dukascopy Bank SA

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