Dukascopy - Analytics

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    GBP/USD reaches two-month high

    © Dukascopy Bank SA
    "Lower oil prices are still likely to be a net positive for the [US] economy and we expect the strong gains in real disposable income and consumer confidence will underpin a Q2 recovery in consumption."
    - ANZ (based on WBP Online)

    Pair's Outlook
    The Sterling almost fell in line with expectations, as it appreciated against the US Dollar yesterday. A hike towards the 200-day SMA took place, but the Cable still settled slightly lower. The resistance cluster around 1.54 failed to prevent the pair's climb, as it stabilised at 1.5426. Technical studies suggest the Sterling will climb up again today; however, a fall might occur if the US fundamentals surprise with good figures. The 200-day SMA should stop the surge at 1.5490, while a slide back towards 1.53 is the worst-case scenario.

    Traders' Sentiment
    Bulls slightly grew in numbers, as 44% of traders are now long the Pound, compared to 43% yesterday. The number of purchase orders, on the other hand, dropped from 51 to 47%.

    © Dukascopy Bank SA

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