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    GBP/USD in correction phase

    © Dukascopy Bank SA
    "The pair [GBP/USD] maintains a short term bearish tone, as the 1 hour chart shows that the price develops below a bearish 20 SMA, whilst the technical indicators head lower below their mid-lines."
    - Valeria Bednarik, FX Street  (based on FX Street)

    Pair's Outlook
    The monthly PP forced the GBP/USD pair to edge down on Monday. The Cable attempted to cross the 1.49 border, but it failed due to a lack of selling pressure. Still, the near-term outlook is bearish, and we expect a further decline today. The weekly pivot point should prevent the Sterling from falling too far, although a dip towards the 20-day SMA at 1.4830 is also possible. The 1.48 level is yet to be breached, while the technical studies retain their mixed signals. 

    Traders' Sentiment
    For the third time in a row the portion of long positions remains unchanged at 43%. Meanwhile, the gap between the buy and sell orders narrowed, as 46% of all commands are set to purchase the Pound.

    © Dukascopy Bank SA

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