Dukascopy - Analytics

    Dukascopy

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    GBP/USD undergoes a correction

    © Dukascopy Bank SA
    "The U.S. economy is relatively strong, and interest rates are set to rise and remain higher than anywhere else in the developed world."
    - ANZ (based on CNBC)

    Pair's Outlook
    As expected, the Sterling bounced back on Thursday and almost completely erased Wednesday's gains. The pair behaved in accordance with the forecast, as it once again reached the 2013 low at 1.4808. Moreover, the Pound edged even lower and settled beneath the monthly S2 at 1.4760. In aggregate the technical studies are pointing directly south, strongly suggesting further slump in the Pound's value. Consequently, we expect a decline towards the weekly S1 and lower Bollinger band around 1.4558. 

    Traders' Sentiment
    Once more the sentiment has reached a perfect equilibrium, whereas the number of buy orders plunged 42 percentage points, and now they account for only 36% of the market. 

    © Dukascopy Bank SA

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