Dukascopy - Analytics

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GBP/USD retreats step by step

© Dukascopy Bank SA
"My view is that while the possibility of a June rate rise hasn't been ruled out, they lack the conviction to do so if economic indicators remain near recent levels."
- Sumitomo Mitsui Banking Corporation (based on CNBC)

Pair's Outlook
The British Pound fell on Monday, although not as far as anticipated. The Sterling attempted to reach the 2013 low, but failed, as the January low at 1.4951 prevented a larger decline. The technical indicators are still strongly bearish, suggesting a further slump in the currency. Although the closest support level can be found at 1.4918, the Cable has a chance to reach the 2013 low again by the end of the day.

Traders' Sentiment
Market sentiment is closing in on the equilibrium, as 49% of all positions are now long (previously 48%). Meanwhile, the number of orders to acquire the British currency remains unchanged at 54%.

© Dukascopy Bank SA


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