Dukascopy - Analytics


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    GBP/USD closes in on 1.46

    © Dukascopy Bank SA
    "A $1.40 level for sterling/dollar is certainly not out of reach if the election aftermath turns ugly."
    - Standard Bank (based on CNBC)

    Pair's Outlook
    Despite the expectations, the Cable crossed the 1.47 level at the end of the last week. The Sterling declined more than anticipated, as it pierced through the weekly S2 and even tested support at 1.4586. However, the trading session ended with the Pound settling at 1.4629. The technical studies are giving mixed signals; however, there is likely to be a further slump. The 1.46 barrier acts as the closest support level, although a fall towards 1.45 is also possible.

    Traders' Sentiment
    Market sentiment slightly deteriorated, as less traders, namely 43% of them, are now long the British currency (previously 45%). At the same time, the number of buy orders edged up one percentage point; the commands now account for 48% of the market. 

    © Dukascopy Bank SA

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