Dukascopy - Analytics

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    GBP/USD breaks out

    © Dukascopy Bank SA
    "Market expectations had momentarily lurched towards a June rate hike, but such prospects have ebbed. A fifty-fifty chance of a hike in September, and that being the only tightening this year, is the view now being re-established."
    - FPG Securities (based on CNBC)

    Pair's Outlook
    Last Friday, the British Pound finally managed to break out of its chains, which were holding the currency between the weekly S1 and 20-day SMA. The Sterling appreciated versus the US Dollar and not only pierced the 20-day SMA, but also the weekly PP. The trading session ended with the Pound at 1.4863, and the rally extension is expected, despite the mixed technical studies. However, the climb is likely to be insignificant, and the GBP/USD pair will resume trade between the weekly and monthly pivot points. 

    Traders' Sentiment
    The share of long and short positions has reached a perfect equilibrium. Meanwhile, the number of pending orders to acquire the Sterling edged further up to 61% (previously 56%).

    © Dukascopy Bank SA

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