Dukascopy - Analytics

    Dukascopy

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    GBP/USD keeps moving sideways

    © Dukascopy Bank SA
    "We have had a lot of noise about the election. Given the uncertainty, I think cable (sterling/dollar) could head somewhat lower but euro/sterling is fairly priced."
    - John Hardy, Saxo Bank (based on Reuters)

    Pair's Outlook
    Because of a lack of momentum GBP/USD failed to push through support at 1.48, and now the currency pair is headed towards the upper edge of the last week's trading range. The gains should be capped at 1.49, where the weekly PP merges with the 20-day SMA. And while the downside risks still prevail, the technical indicators are mixed, meaning there are unlikely to be any major moves in the short run.

    Traders' Sentiment
    Slowly but surely the bears are crowding out the bulls. So far the sentiment is neutral, but during the last five days the share of shorts increased from 52 to 55%.The difference between the buy (52%) and sell (48%) orders is currently insignificant as well.

    © Dukascopy Bank SA

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