Dukascopy - Analytics

    Dukascopy

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    GBP/USD slides down

    © Dukascopy Bank SA
    "Considering the market's reaction to the Scottish independence referendum last year, we would hardly be surprised if, on this occasion, sterling were to react more negatively should the outcome remain this unclear as May 7 approaches."
    - SEB Group (based on CNBC) 

    Pair's Outlook
    Sterling keeps surprising with its behaviour, as the currency edged down again on Tuesday. Even though the decline was insignificant, it still remains a loss. Furthermore, by virtue of demand at the 20-day SMA the Pound settled at 1.5357. Today the technical studies also suggest an increase in the value of the Pound. Meanwhile, the UK Services PMI data release is likely to have a high impact on the Sterling, and stronger figures are expected. Closest resistance remains unchanged at 1.5438, the current location of the weekly PP. 

    Traders' Sentiment
    Bulls slightly grew in numbers: at the moment 69% of positions are long. Meanwhile, the distribution between the buy and sell orders in the 100-pip range from the spot is in perfect equilibrium.

    © Dukascopy Bank SA

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