Dukascopy - Analytics


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    GBP/USD regains bullish momentum

    © Dukascopy Bank SA
    "Given the current dollar environment, the 55-day MA (1.5040) may provide key support on dips while 1.5320 should cap in the interim."
    - OCBC Bank (based on FX Street)

    Pair's Outlook
    Sterling found more support at the 100-day SMA, as it prevented the GBP/USD pair from falling yesterday. The nearest resistance, namely the monthly PP, was easily pierced, as the Cable negated Monday's losses. Nonetheless, the 1.52 level was not reached, but the pair stabilised at 1.5166. Meanwhile, technical indicators are showing distinctly bullish signs, suggesting further rally. The 100-day SMA, along with the 20-day SMA, should prevent any losses if they occur, while the weekly PP should stop the Cable from rising higher.

    Traders' Sentiment
    More traders now have a positive outlook towards the Pound, as 45% of all positions are long (previously 40%). The share of buy commands returned to its Monday's level of 51%.

    © Dukascopy Bank SA

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