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GBP/USD edges to 2013 low

© Dukascopy Bank SA
"The [GBP/USD] pair could also benefit from a possible correction in the EUR/USD pair. However, a better-than-expected US retail sales data could see renewed selling pressure, that could push the pair back to 1.4890 levels."
- market analyst (based on FX Street)

Pair's Outlook
GBP/USD slumped on Wednesday due to UK manufacturing data turning out worse than the expected figure. As a result, the Sterling dropped beyond the January low of 1.4951 and tested the support around 1.4900, which stopped the British currency from falling deeper. The Pound edged closer towards the 2013 low and the gap might narrow down even more after today's US Core Retail Sales data. Even though the technical studies are mixed, the pair is likely to decline further and reach the 2013 low at 1.4808.

Traders' Sentiment
There are still more bulls among SWFX traders, as 55% of all positions are long. At the same time, the portion of buy orders increased to 39%.

© Dukascopy Bank SA


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