Dukascopy - Analytics

    Dukascopy

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    GBP/USD plunges to a two-year low

    © Dukascopy Bank SA
    "The Fed is likely to drop the word 'patient' from its next policy statement to pave the way for a rate hike, though it may be too early to conclude that a rate hike in June is a done deal."
    - Sumitomo Mitsui Bank (based on Reuters) 

    Pair's Outlook
    The Sterling has been under downward pressure during previous week, as the it slumped for the fifth day last Friday. The pair lost 205 pips on Mar 6, with several supports having no success in attempts to stop the sell-off. The Pound went through demand area at 1.51 and ended trading at 2013 Feb 28 low (1.5033). Technical indicators are mixed, but pair is likely to rebound today, as we expect a correction following a recent precipitous decline. Closest resistance lies at 1.5097, created by the monthly S1 and lower Bollinger band.

    Traders' Sentiment
    Market sentiment remains net bullish, with 52% of all positions being long. At the same time, the portion of buy orders added five percentage points, from 39% to 44%.

    © Dukascopy Bank SA

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