Dukascopy - Analytics

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    GBP/USD to erase last week's losses

    © Dukascopy Bank SA
    "The pound is initially rising on the exit poll results, and pound volatility is also likely to rise."
    - Sumitomo Mitsui Trust Bank (based on CNBC)

    Pair's Outlook
    The Cable's behaviour fell in line with expectations, as the Sterling appreciated against the US Dollar yesterday. The initial resistance failed to stop the surge, as the GBP/USD settled at 1.5397, the weekly R1. The rally is expected to extend today, with the closest resistance now at 1.5454, represented by the 200-day SMA. However, we should not rule out the possibility of a correction due to strong US fundamental data expectations. Meanwhile technical indicators retain bullish signals, suggesting the pair will rise.

    Traders' Sentiment
    Market sentiment slightly worsened, as 47% of traders are long the Pound today (previously 49%). Purchase orders increased by 14 percentage points, now accounting for 63% of the market.
    © Dukascopy Bank SA

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