Dukascopy - Analytics

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Real

GBP/USD plunged, but still above the 2013 low

© Dukascopy Bank SA
"Interest rates in Britain are likely to rise despite inflation falling to zero."
- Bank of England (based on FX Street)

Pair's Outlook
The Sterling declined for the second day yesterday, although the 2013 low remains unconquered. GBP/USD easily pierced through the initial support and extended the losses. Ultimately, the Pound settled at 1.4848, just 40 pips away from the 2013 low. The technical indicators are strongly bearish, suggesting a further slump versus the Greenback. Nevertheless, fundamental factors are expected to weigh on the Buck today, which may strengthen the British currency. The nearest resistance level rests at 1.4918, while the closest support level remains the 2013 low.

Traders' Sentiment
The long positions backed down to their Monday's level of 48%, and the portion of buy commands also slid, from 54% to 49%. 

© Dukascopy Bank SA


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